The Qatar Investment Authority (QIA) has purchased a stake in a Hong Kong department store chain, beginning a potential $15bn spending spree targeting China, Japan and South Korea, reported the Financial Times.
QIA which owns stakes in Harrods, Barclays, Credit Suisse and the Canary Wharf Group, 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 investment arm of the Qatari government reportedly aims to spend up to $15bn in the medium to long-term to bolster its presence in north Asia. Singapore is also a potential target for investment.
"QIA's investment in Lifestyle International Holdings is a continuation of QIA's investment plan to diversify its global portfolio; this time in Asia," said the fund.