Financial Transactions
The development was a 50:50 joint venture between Swire and CITIC Pacific. The partners secured the plot in a Government land auction in 1993 with a HK$2.9 billion bid, and developed it at an estimated cost of $2.2 billion. In January 2006, in Hong Kong's biggest property deal, Swire paid HK$6.18 billion to buy out its partner's half share. In July 2007, it was announced that Swire Pacific was contemplating listing the property as a real estate investment trust. In July 2011, Mapletree Investments acquired Festival Walk at a property value of HK$18.8 billion and the mall is now managed by Mapletree.
Read more about this topic: Festival Walk
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“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)