Rents plunge on HK street that was world's priciest strip
Hong Kong
COSMETICS retailer Colourmix will move to Hong Kong's Russell Street, once the world's most expensive shopping strip, and pay about 40 per cent less than the former tenant as China's economic slowdown rattles the city.
"Landlords have to face the reality, no matter how reluctant they are," Lawrence Wong, a director at property agent Sheraton Valuers Ltd, said in a telephone interview on Saturday. "It's still better than leaving their property empty." Russell Street has lost its claim as the most expensive shopping street on the planet to New York's Fifth Avenue, according to broker Cushman & Wakefield Inc in November. A July research report by Jones Lang LaSalle predicted prices for space in prime locations will drop 15 per cent to 20 per cent in Hong Kong this year.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb forecasts weaker Q2 revenue despite robust demand for international travel
US 30-year mortgage rate falls for first time since March
Government probes ‘misleading’ and ‘unrealistic’ resale listings for S$2 million HDB flats
German commercial property prices drop 9.6% in Q1
Swedish home prices swell with buyers expecting rate cuts
Blackstone, Starwood split on commercial property market risks