Simon Property Group, Inc. has announced that it will open a regional office in Hong Kong next month. Operating as Simon/Chelsea International Ltd., a newly formed subsidiary, the office will be responsible for Simon's retail real estate activities in east and southeast Asia.
Chelsea Property Group, Simon's wholly-owned outlet division, currently operates five Premium Outlet(R) centers in Japan in partnership with Mitsubishi Estate Co., Ltd. and Sojitz Corporation. Last month, Chelsea announced a joint venture with Shinsegae Co., Ltd. to develop Premium Outlet centers in Korea.
Located in the Central district of Hong Kong, the new regional office will be headed by Renee Ting, Managing Director, a real estate professional with extensive experience in Hong Kong, Beijing and Shanghai. Prior to joining Simon, Ms. Ting held various senior positions at leading development companies, including most recently Shui On Properties Limited and the development arm of Pacific Century CyberWorks. Notable projects in which she has been involved include Xintiandi, Shui On's landmark historical re- development in Shanghai; and Pacific Century Place, a 220,000 square meter mixed-use complex in Beijing (two Class A office towers, two high-end residential towers and a six-level retail podium). Ms. Ting graduated from Indiana University in 1978 with a B.S. in Business Administration and Management.
Leslie Chao, President of Chelsea, said, "From Hong Kong, Simon and Chelsea will be better positioned to pursue both full-price and outlet development opportunities in Asia. We look forward to having people in place, led by Renee, who can help build on the success we have enjoyed in Japan for the past six years."
"This is an important step in the development of our international platform," Simon Property Group's CEO David Simon said. "As the demand for high-quality retail continues to grow worldwide, we want to extend our leadership position into the most promising markets, many of which are in Asia. From Chelsea's experience in Japan, we know that there is no substitute for a local presence and we are excited to be establishing this base of operations in Hong Kong."