Retail in Asia

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Sogo owners to spin off parts of property empire

Lifestyle International, which operates the Sogo department store in Hong Kong and Jiuguang department stores in mainland China, aims to spin off part of its property investments on the Hong Kong stock exchange by June.

Market sources said the firm aimed to raise between HKD200 million and HKD300 million by way of introduction instead of an initial public offering. That means shares would be issued either to Lifestyle shareholders or private investors.

The firm’s annual report shows it owns several mainland properties, including Lifestyle Plaza, a Tianjin department store with 36,221 square metres of gross area, a commercial building in Qingdao, Shandong, with 26,507 square metres of gross area, and a smaller commercial building in Harbin, Heilongjiang.

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