Swire malls sales tumble further

Business | 8 Nov 2019 6:51 pm

Retail sales at Swire Properties' (1972) three shopping malls in Hong Kong overall dropped in the first nine months of this year.

Retail sales of Pacific Place tumbled by 11.8 percent year-on-year, worsening from a 4.2 percent decrease for the first two quarters.

Cityplaza and Citygate Outlets meanwhile recorded drops of 0.8 percent and 3.1 percent from a year ago, respectively.

The group also raised the office rents of Pacific Place by 18 percent year-on-year during the first nine months, while office rents for Taikoo Place increased by 13 percent.

Rents for One Island East and One Taikoo Place also increased by 11 percent over a year earlier. Pacific Place, Cityplaza and Citygate Outlets have offered temporary rental adjustments to tenants on a case-by-case basis, to support the Hong Kong retail industry as well as our tenants during this challenging time, said the company, expecting its business will return to normal in due course.

It also expects the office portfolio to continue to grow with the redevelopment of Taikoo Place. One Taikoo Place is 100 percent leased and 85 percent of tenants have now moved in, it said, and Two Taikoo Place is scheduled to be completed by early 2022.

The developer reported overall sales growth in its mainland locations, with retail sales of HKRI Taikoo Hui in Shanghai surging by 72.4 percent year-on-year during the first three quarters, and that for Sino-Ocean Taikoo Li in Chengdu expanding by 21.4 percent.

Shares of the company slid 0.99 percent to HK$25.05.

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