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HK retail rents drop on falling Chinese tourist numbers

Chinese govt crackdown on lavish spending has encouraged tourists to shop further away from home

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Tour groups from China plunged about 80% this month, dealing a blow to the retailers that had built their businesses around these visitors' once insatiable demand.

Hong Kong

A DROP in Chinese tourist numbers is driving down shop rentals in Hong Kong, with vacancies increasing in the same prime areas that just three years ago pipped New York's Fifth Avenue to become the world's most expensive retail real estate.

Spooked by months of cross-