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South China Morning Post
27-04-2025
- Business
- South China Morning Post
Hong Kong retail rents have further to fall amid consumer spending dip
Activity in Hong Kong's retail leasing market is strong despite lukewarm retail sales, as companies take advantage of rents that are relatively low – and set to fall further, according to some experts – to move into larger premises or better locations. Advertisement 'The retail market has shown a mixed picture, where we see some business owners from [food and beverage] and clothing shops worrying about their sales during the Easter Holiday, yet leasing activity in the core retail districts remains very active,' said Jeannette Chan, senior director of retail at JLL Hong Kong. Leasing momentum was particularly strong in mass-market segments, but 'retail rents continued to dip as landlords in general offered discounts to attract and retain tenants amid sales headwinds', Chan added. Total retail sales during January and February fell 7.8 per cent year on year, steeper than the 6.6 per cent drop in the fourth quarter, according to JLL's latest report published on Thursday. A sales decline hit most major retail categories, it said. 'Jewellery, watches and clocks, and valuable gifts plunged by 15.8 per cent, compared to 10.4 per cent last quarter,' JLL said. During the Easter long weekend, retail sales suffered as Hongkongers left the city in droves, with 1.3 million departures by residents and only 234,090 visitor arrivals recorded on April 17 and 18, according to official data. Advertisement Departures by locals rose 31.4 per cent from pre-pandemic figures in 2018 and 8.4 per cent over the Easter holiday last year. The arrival numbers were 20.4 per cent lower than in 2018 and 15.2 per cent higher than last year.
South China Morning Post
13-04-2025
- Business
- South China Morning Post
Trade war weighs on Hong Kong property market as Chinese buyers grow cautious, analysts say
The escalating trade war between China and the US is dampening the sentiment of mainland Chinese homebuyers in Hong Kong, as macroeconomic uncertainties and currency depreciation risks weigh on the housing market, according to experts. Advertisement 'Hong Kong's property market very much depends on the economy, which will inevitably be affected by the tariffs and the trade war,' said Joseph Tsang, chairman of JLL Hong Kong, adding that the current economic direction was unfavourable for the outlook on home prices. China announced on Friday that it was raising tariffs on all US imports to 125 per cent from 84 per cent, in response to US President Donald Trump's move on Wednesday increasing levies on Chinese imports to 145 per cent. Amid turmoil in global markets, the offshore yuan fell to a record low of 7.4290 per US dollar in New York trading on Tuesday, after the People's Bank of China set its midpoint rate at its weakest level since 2023. The move sparked speculation that Beijing might allow further depreciation of the currency to mitigate the impact of US tariffs. A view of Kowloon. Photo: Eugene Lee 'The depreciation of the yuan would negatively impact housing prices in Hong Kong,' said Chau Kwong-wing, chair professor and director of the Ronald Coase Centre for Property Rights Research at the University of Hong Kong.
