Baili Bao 28 years ago, 286 million land was cast

Kowloon City Plaza is located in 128 Jia Bing Da Road, by the Baili Bao (0617) in 1989 to 286 million yuan to build land and built. Due to the location of “hanging feet”, the past, the vacancy rate of shopping malls, and low flow of people, has been hailed as “dead”. In 1998, the Town Planning Board applied for the construction of the Kowloon City Plaza, including the West Theater, which was converted into a 39-storey hotel and some shopping malls on the east side of the shopping mall. , The City Board will not be able to load the traffic environment and reject its redevelopment works.

We were going to build part of building

The redevelopment scheme was torn down and the Baili Bao was unable to pay back a total of $ 3.75 billion in convertible notes. The Kowloon City Plaza and Pak Lai Po Plaza were mortgaged to the Department of Century City (0355), Baili Bao and Regal International (0078) bond holders; and in 2004 to more than 2.03 billion yuan sold to Morgan Stanley lead consortium.

Morgan Stanley consortium took over 90 million yuan after the renovation of shopping malls, including interior decoration and renovation of the external walls, changed to fashion design, in order to have a new look, while the transition for mid-range retail, in order to enhance the rent level. Shopping malls from time to time to organize activities to attract more people to shopping. Data show that after renovation, shopping malls more than 90% of the occupancy rate.

Cai Zhiming in 2008 to Morgan Stanley consortium to 1.48 billion purchase, when the price of only 2313 yuan per foot. Cai Zhiming, once again re-packaging design, but also to adjust the tenant portfolio of shopping malls, including the introduction of AEON in 2012 (AEON), covering 120,000 square feet, is still the largest shopping mall tenants.