SHKP malls rake it in over new year

Business | Avery Chen 8 Feb 2019

Sun Hung Kai Properties' (0016) shopping malls reported double-digit year-on-year growth over the Lunar New Year holidays as shoppers shrugged off fears about the economy.

SHKP's 15 major malls - including apm, Tai Po Mega Mall and World Trade Centre - welcomed over 10 million visitors between February 2 to February 7, representing a year-on-year growth of 13 percent, while its revenues rose 11 percent to HK$250 million

Apm in Kwun Tong recorded a 15 percent foot traffic growth to 2.1 million from February 2 to February 7 while its revenues rose 13 percent to HK$90 million.

Meanwhile, V city in Tuen Mun recorded a 10 percent year-on-year increase in foot traffic from January 14 to February 6 to 4.2 million, with sales revenues during the period set to climb 14 percent to HK$190 million.

Twelve other shopping malls, including East Point City and Landmark North, generated HK$820 million sales revenue, up 17 percent yearly, while foot traffic rose 14 percent to 12 million from January 29 to Feburary 7.

Meanwhile, Lau Hak-bun, chairman of Kowloon Pearls, Precious stones, Jade, Gold and Silver Ornament Merchants Association, said the association's firms witnessed a 15 percent year-on-year growth in foot traffic on the first and second day of Lunar New Year, revenues only rose 10 percent.

Lau said mainland tourists mainly bought jewelry and gold worth no more than HK$1,000.

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