On 30th May, Champion REIT announced the successful acquisition of the Langham Place Mall and Office Tower in Mongkok, Hong Kong. The properties are being acquired at a cost of HK$12.5 bil (a 13 percent discount of their appraised value), and are funded via a HK$2.96 billion unit placement and a HK$4.68 billion convertible bond issue.

The purchase coincides with uncertain times for the Asian markets, according to The Royal Institution of Chartered Surveyors (RICS). A RICS press release states: "The picture remains negative for most developed markets, with capital values expected to fall across Australasia, North America, and Developed Asia (including Hong Kong) at almost double the pace of Western Europe."

RICS Senior Economist, Oliver Gilmartin, believes that "tenant demand is still rising across emerging markets although at a more muted pace as multinationals feel the pinch from tougher economic times. The worst may be behind for the Western European investment market which appears to be leading the correction in the global property cycle. Australasia is expected to be the worst performer into the summer with Japan also set for price declines and falling rents."

The acquisition of Langham Place almost doubles the holding of Champion REIT to 2.85 mil sqf and, according to the REIT managers, will have a positive diversifying effect on the existing income stream at Citibank Plaza.

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