Qatar’s purchase of a stake in a Hong Kong department store chain is the beginning of a potential $15bn spending spree targeting Greater China, according to people familiar with the Gulf state’s plans.
Qatar Holding, which owns stakes in Harrods, Barclays, Credit Suisse and Canary Wharf Group among others, on Monday said it would pay $616m for a near-20 per cent stake in Lifestyle International Holdings, owner of Hong Kong’s SOGO department stores.
The fund’s parent, Qatar Investment Authority, aims to spend up to $15bn in the medium term to bolster its presence in north Asia, according to people familiar with the matter.
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