Hong Kong Shop Rents Seen Falling 5% as Shopping Slows
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Hong Kong shop rents are set for their worst year since the global financial crisis as mainland Chinese visitors spend less amid a slowing economy and the nation’s anti-extravagance drive.
Retail rents in the city were the world’s most expensive for two years until they were topped by New York’s Fifth Avenue this year. Leases on main shopping streets are set for their weakest growth since 2009, and could drop as much as 5 percent in 2015, according to Jones Lang LaSalle Inc.