In Brief

PUBLISHED : Tuesday, 01 March, 2011, 12:00am
UPDATED : Tuesday, 01 March, 2011, 12:00am

Sogo operator says sales growth faster on mainland

Lifestyle International Holdings, the operator of the city's biggest department store Sogo, expects its mainland business to eventually outgrow its Hong Kong operation, which now contributes more than 70 per cent of earnings. While Sogo's flagship store in Causeway Bay saw same-store sales rise 13.7 per cent last year, its Jiuguang department store in Shanghai enjoyed growth of 17.9 per cent. Anita Lam

New World core profit jumps 30pc on strong mainland sales

New World Development's underlying profit jumped 30 per cent to HK$2.35 billion in the second half of last year, thanks to strong property sales on the mainland. But the developer's net profit fell 24 per cent to HK$4.35 billion from HK$5.74 billion a year ago because of a drop in gains from property revaluation. Revenue grew 24 per cent to HK$15.08 billion. New World China generated HK$5.38 billion from sales in the period. Yvonne Liu

HKEx accepts 15 IPO applications

Hong Kong Exchanges and Clearing data shows that 15 applications for initial public offering had been accepted last month. In the first two months of this year, 28 IPO applications have been accepted, of which three are for the Growth Enterprise Market. May Chan

Shui On unit in Dalian deal

Shui On Construction and Materials said its joint venture consortium Richcoast signed an agreement with Japanese developer Mitsui Fudosan Residential to jointly develop six parcels of land in Dalian. Peggy Sito