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Simon Opens Hong Kong Office

INDIANAPOLIS-To provide local presence to its Asian properties, Simon Property Group Inc. will open its first Hong Kong office.

By Dana Dubriwny | Updated on May 24, 2005

INDIANAPOLIS-Simon Property Group and its outlet center division Chelsea Property Group will be expanding its presence in the Asian market. Operating as Simon/Chelsea International Ltd., a newly formed subsidiary of Simon Property, the company will be occupying a new Hong Kong regional office next month. Located in the Central district of Hong Kong, the new regional office will oversee Simon’s retail real estate activities in East and Southeast Asia. Leslie Chao, president of Chelsea, tells GSR that having a local presence is imperative to the company’s success in the region. “Now that we’re part of Simon, there are many opportunities that come our way that we can’t address from US,” Chao says. “Asia, unlike Europe, has no overlapping business hours with the US, which makes it extraordinarily difficult to do business without a local presence.”

With five Premium Outlet centers in Japan, along with a growing list of regional opportunities, the Chelsea division is well versed in the Asian market. Most recently, the division announced its joint venture alliance with Seoul, South Korea-based retail developer Shinsegae, to build upscale centers in that country. In March, Chelsea opened the $44-million, 178,000-sf Toki Premium Outlets, near the City of Nagoya.

“Most of the Asian economy is doing well, and there is a demand for high-quality retail there,” Chao tells GSR. “The consumer in this market is becoming more brand and quality conscious, and the development of high-quality real estate hasn’t kept up.”

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