CLSA Capital eyes local consumers for HK retail property

Hong Kong

CLSA Capital Partners is going after local Hong Kong consumers for its latest retail property investment in the city as spending by mainland Chinese visitors slows.

CLSA Capital, with about US$2.6 billion under management, is seeking to attract a mix of established brands and budding businesses that struggle to afford street-level rents to a tower it bought in the Causeway Bay precinct earlier this year, said Ronald Chiu, a real estate investment director at the private equity firm. This will be an example of "vertical retail", which is set for more growth than traditional malls and street shops, he said.