Beijing Hualian is said to near sale of luxury SKP malls to Boyu

Beijing Hualian Group Investment Holding Co is in talks to sell its business that operates and develops luxury malls in China to Boyu Capital, according to people familiar with the situation. The two are close to an agreement for the sale of the side of Beijing Hualian SKP Department Store Co’s business that manages and operates the high-end malls, the people said. Beijing Hualian Group and Boyu are also discussing a sale of the actual mall properties that Hualian SKP oversees, the people said. There are SKP malls in Beijing, Xi’an, Chengdu and Wuhan, and one under construction in Hangzhou. Valuation could reach up to $5B: sources The SKP luxury mall business as a whole could be worth $4 billion to $5 billion, the people said, asking not to be identified discussing a private matter. Deliberations are ongoing and may not result in a transaction, they said, adding that other bidders may also emerge. Representatives for Beijing Hualian Group and Boyu Capital didn’t respond to requests for comment. SKP’s malls are popular in China, with the luxury shopping property in Beijing alone generating 26.5 billion RMB ($3.6 billion) in revenue in 2023, while sales in Xi’an and Chengdu were 8 billion RMB and 5.5 billion RMB, Chinese state media has reported. The Wuhan property opened in July 2024. By Dong Cao, Haze Fan and Pei Li

Beijing Hualian is said to near sale of luxury SKP malls to Boyu

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Published March 31, 2025

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Beijing Hualian is said to near sale of luxury SKP malls to Boyu