Hong Kong's retail sector may have turned a corner, said Stephen Ng Tin-hoi, chairman and managing director of Wharf Real Estate Investment Company (1997), citing the strong performance of its hotels' occupancy and room rates during the Labour Day Golden Week.
The city's retail sales showed robust growth in the first quarter and recorded year-on-year increases since the middle of 2025, Ng said in the group's annual general meeting.
During the Labour Day holiday, the group's hotels in Central and Tsim Sha Tsui marked a high occupancy level, while that of room rates also recorded single-digit growth year-on-year, he added.
The chairman noted that Harbour City also outperformed the market, with several tenants reaching strong growth in businesses, among which most involved high-end consumption like jewellery.
However, the uncertainties like wars and Sino-US rivalry led some tenants to remain on the sidelines, Ng said.
In terms of offices, Ng pointed out that offices in Central delivered better results, while those in Eastern District, Kowloon East, and Kowloon West still face over-supply challenges.
Some tenants of Harbour City that provide insurance, financial products, and private wealth management services have expanded leasing areas in recent one and two years, aiming to facilitate mainland clients' reach, he added.
Regarding the reportedly rebuilding plan of its Marco Polo Hongkong Hotel in Tsim Sha Tsui for HK$2 billion, Ng said there is no further information to unveil at the moment.
𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓
