22 January 2019

Mary Kay set to buy Shanghai office building, WSJ says

U.S. cosmetics company Mary Kay Inc. is in talks to buy an office building in Shanghai as part of its expansion plans in China, the Wall Street Journal reported Monday. The Texas-based direct-sales beauty company said it is in talks to buy the Point Jingan, an 11-story building in the central Jing An District. The price could total 820 million yuan (US$135 million), the report said, citing unnamed people briefed on the sale. The company owns a factory in Hangzhou but it would be the firm’s first office building purchase in China. Mary Kay first entered China in 1995 and its sales in the country have have risen 64-fold since 1998, the report said. 

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