Covid Weighs on Two of Hong Kong’s Biggest Retail Landlords
- Hang Lung Properties’ income swung to a loss in first half
- Wharf REIC says lease renewals face harsh market reality
People sit on steps of Ocean Terminal Deck at Harbour City shopping mall in Hong Kong.
Photographer: Justin Chin/BloombergThis article is for subscribers only.
Two of Hong Kong’s biggest landlords reported lackluster results Thursday, early evidence of how deep the retail pain extends in the city.
Losses at Wharf Real Estate Investment Co. sank to HK$4.45 billion ($574 million) for the six months ended June 30 from a HK$7 billion profit the period prior, while Hang Lung Properties Ltd. posted a loss of HK$2.54 billion versus a HK$3.52 billion gain a year earlier.