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Seven & I Holdings president and CEO Ryuichi Isaka
The CEO of Japanese retail giant Seven & I Holdings prepares to make way for the group’s first foreign boss, with that report leading today’s headline roundup. Also making the list, GLP’s Japan REIT announces its new home at Ares Management and Hong Kong’s Gaw invests in a Vietnamese education provider.
CEO of Japan’s Seven & I to Step Down as Couche-Tard Buyout Looms
Seven & I Holdings, the Japanese retail giant at the centre of a takeover battle, is finalising a plan for its chief executive to step down, most likely to be replaced by its first foreign chief, two people familiar with the matter said.
Ryuichi Isaka, who also serves as president, will resign and his replacement is almost certain to be director Stephen Dacus, said the people, who declined to be named because of the sensitivity of the matter. The Nikkei business daily first reported the development on Monday. Read more>>
Manager of GLP J-REIT Announces Ares as Sponsor
Following the completion of Ares Management’s takeover of GLP’s non-China fund business, the manager of GLP J-REIT is now a unit of the US investment firm, according to an announcement to the Tokyo Stock Exchange on Tuesday.
Japan accounts for the largest portion of GLP Capital Partners’ ex-China business, which Ares acquired for $3.7 billion in a deal completed on 1 March. Read more>>
Gaw Capital Invests in Vietnam International Schools
Gaw Capital Partners said Monday that it is investing in Vietnamese education provider NPX Point Avenue, expanding its bets on Southeast Asia’s fastest-growing economy.
The Hong Kong private equity firm is investing in True North International School and Point Avenue, both units of the Hanoi-based K-12 education provider, after making earlier education investments in Singapore and in China’s Guangdong province. Read more>>
Hong Kong Shop Fund Sells Kowloon Storefront at 32% Markdown
Bridgeway Prime Shop Fund Management has sold a shop in Kowloon’s Yau Ma Tei area for 32 percent below the 2022 purchase price, according to local news reports.
The investment vehicle headed by former investment banker Edwin Lee sold 125 Woosung Street for HK$18.7 million ($2.4 million) recently, after having acquired the shop in July 2022 for HK$27.5 million. Read more>>
CDL CEO Sherman Kwek Hires Top Attorney for Battle With Dad
City Developments Ltd CEO Sherman Kwek has roped in senior counsel Davinder Singh to his team of lawyers as he faces his billionaire father, Kwek Leng Beng, in Singapore’s biggest boardroom battle in recent years, the Straits Times understands.
The senior Kwek, who is CDL’s executive chairman, is seeking to remove his son as chief executive over an “attempted coup”. Read more>>
GuocoLand Boss Could Help Decide Control of Singapore’s CDL
Battle lines are being drawn in the father-son tussle for control at SGX-listed real estate player City Developments Ltd, involving Singapore’s richest clan.
On one side stands 84-year-old executive chairman Kwek Leng Beng, whose name is synonymous with CDL. On the other side stands his son, Sherman Kwek, who is CDL’s CEO. Read more>>
Mainland Chinese Brands Leading Hong Kong Retail Leasing
Mainland Chinese and emerging brands are expected to be the most active players in Hong Kong’s retail property leasing in the coming months, as most retailers remain cautious about the prospects of the beleaguered sector despite an uptick in tourist arrivals, according to analysts.
Hong Kong’s retail sales fell for a 10th straight month in December, bringing the full-year decline to 7.3 percent, with total sales valued at HK$376.8 billion ($48.5 billion), according to the latest official data. Read more>>
Hong Kong Developers to Launch More Projects Following Policy Moves
Hong Kong developers plan to put more flats on sale in the coming weeks, hoping to catch buyers amid signs that the government’s latest policy incentives are helping to revive demand.
China Vanke said it would unveil the price list for its Le Mont project in Tai Po this week, while Sun Hung Kai Properties is slated to sell the first units in its Yoho West Parkside development in Tin Shui Wai. Read more>>
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