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Old October 25th, 2010, 07:15 PM   #21
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10/24



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Old October 26th, 2010, 12:08 AM   #22
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Seems like you got around during your HK trip.
haha these are easily found. Just wanted to contribute a lil
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Old October 26th, 2010, 10:22 AM   #23
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Hong Kong is one of the beautiful country. They have good people and great buildings.

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Old November 14th, 2010, 04:56 PM   #24
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Old November 23rd, 2010, 04:41 PM   #25
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City facelifts to attract bigger brands
Refurbishment of old arcades will bring in more international fashion businesses

27 October 2010
South China Morning Post

As a magnet for wealthy mainland shoppers, Hong Kong continues to attract an influx of international brands eager to establish a presence in the city.

According to property agents, US-based fashion brand G-Star is the latest entrant due to open a second store. The company has leased a duplex store offering more than 7,000 square feet of space in Hysan Development's Leighton Centre in Causeway Bay. It will be the largest G-Star store in the world.

G-Star is already present on the mainland, with a store in Quanzhou, and it operates a store in Causeway Bay's Times Square, but the shop at Leighton Centre will be its flagship outlet in Hong Kong and will sell an exclusive collection available only in Hong Kong.

Hysan Development started renovating its retail arcade at the Leighton Centre last month and it is scheduled to complete the refurbishment by the middle of next year. The renovation is aimed at giving the 33-year-old centre a more modern image and comes after most of its long-standing tenants have moved out. It will become a stylish shopping centre focusing on fashion.

The US fashion brand is one of the new tenants committed to leasing retail space after the renovation.

Agents estimated the monthly rent for retail space on the newly renovated ground floor and lower ground floor would increase to an average of HK$160 to HK$170 per sq ft from the previous HK$70 per sq ft for lower ground floor space. Rent for street level stores could reach HK$250 per sq ft. Prior to the renovation the Leighton Centre had no streetfront shops on Leighton Road.

As a retail landlord, Hysan Development has benefited from the aggressive expansion of international and local brands into Hong Kong. Its 24,000 sq ft retail space at One Hysan Avenue in Causeway Bay attracted local fashion retailer I.T. in the middle of this year. Monthly rent for the space taken up by I.T. reached HK$1.5 million - well above the monthly rent of below HK$1 million paid by the former tenant. Developer Luk Hoi Tong's Luk Hoi Tong Building redevelopment project on Queen's Road Central leased 13,000 sq ft of retail space to United States fashion retailer Gap in the middle of this year.

"We receive many leasing inquiries from both US and European retailers. Most are fashion retailers, while about 20 per cent are jewellery retailers," said Joe Lin, a senior director of retail services at property consultant CB Richard Ellis.

"Most of them don't have shops on the mainland and are not familiar with that market. They want to test the water of the mainland retail market by first opening in Hong Kong." Lin said the retailers had higher budgets for leasing and were willing to accept higher rents for retail shops in prime locations.

Helen Mak Hoi-lun, director of retail services at property consultant Colliers International, agreed with this observation and said new supply of retail space was limited.

"If landlords renovated their shopping centres, they would attract many retailers prepared to pay higher rentals. The renovations would therefore help landlords raise the asset values of their shopping malls," she said.

Colliers said retail rents in the four major shopping districts in Hong Kong - Tsim Sha Tsui, Mong Kok, Causeway Bay, and Central - had risen by an average of 11.5 per cent so far this year. Rents in Tsim Sha Tsui and Causeway Bay had outperformed the rest of the market, with growth of 13 per cent and 12 per cent respectively.

Research by property consultant Knight Frank said mainland visitor arrivals during the National Day holiday that began on October 1 reached 662,248 - 21 per cent higher than a year earlier. The number hit a new single-day high of 117,409 on October 1. The influx of visitors helped boost sales revenue at many shopping malls by between 15 and 30 per cent during the period.
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Old December 23rd, 2010, 05:18 PM   #26
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12/23



















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Old December 25th, 2010, 07:47 PM   #27
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T/O?!
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Old December 26th, 2010, 02:27 PM   #28
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T/O?!
Yes - it just has been T/O! Hard to see from the street though.
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Old January 20th, 2011, 11:36 AM   #29
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Office rent-rise view challenged
19 January 2011
South China Morning Post

The consensus that Hong Kong office rentals will grow strongly this year has been challenged by serviced-office provider Compass Offices, which says grade-A office rents in Central may fall by as much as 35 per cent over the course of the year.

Andrew Chung, founder of Compass, said the decline in rentals would be driven by major new supply coming onto the market.

"This is contrary to reports by all the major property consultants, who have predicted rent rises of between 20 and 35 per cent this year," he said.

Among the latest to make such bullish forecasts was property consultancy DTZ that said last week it expected rentals for grade-A office space in Central and Admiralty to rise by as much as 20 per cent this year due to the buoyant market outlook and strong business demand.

But Chung, who offered the use of offices on short leases, said confident expectations of further big rises in office rents overlooked the impact of new supply coming onto the market towards the end of this year.

At the previous market peak for the sector in 2008, he said, monthly rentals in top-end office buildings, which included IFC and Cheung Kong Center, surged to some HK$150 to HK$200 per sq ft before falling to around HK$65 to HK$80 per sq ft at the lows of 2009 and more recently bouncing back to current levels of between HK$150-$160 per sq ft, he said.

Other Central grade-A rentals had performed similarly. This year vacancy rates will be driven by huge new supply coming on stream in Central, he said, including the completion of the Luk Hoi Tong Building redevelopment, which will comprise a 28-storey mixed office and retail tower with a gross floor area of 226,044 sq ft; and 50 Connaught Road, comprising about 150,000 sq ft gross floor area

"Who is going to fill this space? Chung asked. Most large Western banks had already signed up for new premises this year and it was likely landlords would be looking to mainland firms to fill the spaces because "they are fast decision-makers and do not negotiate hard on rents".


US law firms were also opening here to take advantage of growth in Asia, Chung said.
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Old March 25th, 2011, 05:05 AM   #30
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Apple not put off store plan by rising rents
25 February 2011
South China Morning Post

Hong Kong's soaring rents have not deterred Apple, the maker of the best selling iPhone and iPad, from plans to open two large stores in the city's priciest locations at an estimated cost of at least US$40 million.

The world's number-one technology company will open its first 15,000sq ft Apple Store at IFC Mall, in Central, by the end of this year, people familiar with the plan said. In the third quarter of next year Apple plans to open a 20,000 sq ft store at Hysan Place, which is under construction.

Hysan Place, the former Hennessy Centre, is owned by Hysan Development, the largest landlord in Causeway Bay.

After negotiating for more than a year, Apple signed a 10-year lease with the landlord of upmarket IFC Mall, which has achieved an average rental of HK$250 to HK$300 per sq ft per month.

IFC Mall was jointly built by Sun Hung Kai Properties, Hong Kong's largest developer by market value, and Henderson Land Development.

"Such a long lease is on non-negotiable terms by Apple as it will spend at least US$20 million in decorating its first store in Hong Kong. It needs time to recoup the investment," people familiar with the plan said.

Apple's investment in the second store would probably be higher because it was bigger, they said.

An Apple spokeswoman confirmed its first Hong Kong store would open later this year, but declined to identify the location.

"The first Apple Store in Hong Kong will be similar to those in London, Paris and Shanghai," she said, declining to comment on whether the company planned a second store in the city.

Hysan and International Finance Centre Management, which handles the management and leasing of the IFC Mall, said they did not comment on individual cases.

Livian Har, director of retail services at Knight Frank, said there was no shortage of international brands coming to Hong Kong undeterred by rising rents. "A rebound in retail sales has lured more global brands to expand in the city and driven up demand and rental," she said.

One example was Gap, the American fashion retailer, which paid HK$5 million to lease 15,000 sq ft at Luk Hoi Tong Building, on Queen's Road Central, last year.

In China, Apple's spokeswoman said the company would open its fifth store in Nanjing Road, Shanghai's busiest shopping location, this year. Apple has two stores in Beijing and two in Shanghai.

China has Apple's highest-grossing stores worldwide less than three years after the company opened its first one in Beijing.

The company said early last year that it planned to open as many as 25 stores up to the end of 2012 in the world's most populous nation - a market that Tim Cook, the chief operating officer, called a "top priority".

Apple had 323 stores worldwide at the end of the first quarter - 87 of them outside the United States.
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Old April 6th, 2011, 06:30 PM   #31
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Old January 24th, 2012, 08:39 PM   #32
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