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Sign in Sign up for a FREE subscriptionQIA sells stake in Hong Kong department store for $663m
Qatar Holding, a subsidiary of the Qatar Investment Authority sovereign wealth fund, plans to sell it stake in Lifestyle International Holdings and Lifestyle China Group, a department store operator in mainland China and Hong Kong. The sale price will be HK$5.2 billion ($662.8 million).
Bellshill Investment Co., a unit of Qatar Holding, will sell 371.12 million shares in Lifestyle International Holdings, representing a shareholding of 23.16 percent, for HK$4.45 billion ($567.4 million) through a share placement. In addition, Bellshill will sell 371.12 million shares in Lifestyle China Group, representing 23.16 percent of the company, for HK$753.4 million ($95.4 million).
In October 2014, Qatar Holding, through its unit Bellshill, agreed to acquire 19.9 percent of the department store operator from Chow Tai Fook Jewellery and the family of Hong Kong businessman Thomas Lau.
