Store on  No.8 Russell Street, Causeway Bay were the region with the most expensive rent in the world.

Store on No.8 Russell Street, Causeway Bay were the region with the most expensive rent in the world, were previously leased by Emperor Watch & Jewellery at $2.76 million a month.

Shocking rent cut by 42% was gave to a new tenant in Causeway Bay.

The total value of local retail sales declined for 5 straight months due to fewer tourists arrival to Hong Kong. Many landlords took initiative for rent cut.

Emperor International Holdings Ltd (00163.HK), a local landlord focusing on retail shop in popular shopping districts, made a 42% discount or HK$1.6 million rent per month in a premium retail property in No.8 Russell Street, Causeway Bay, one of the region famous in the most expensive rent in the world. That space had been taken by Bonjour Holdings Ltd. (00653.HK), a local cosmetic chain, from Emperor Watch & Jewellery (00887.HK), a seller of luxury watches & jewellery.

Furthermore, Belle International (1880.HK), a local self-branded shoe-seller, closed all of the seven Belle-brand outlets in Hong Kong for business re-structuring.

Emperor International Holdings Ltd  announced that 6 of its stores in Causeway Bay and Tsim Sha Tsui have signed the new lease agreement or surrender agreement.

The stores at No.3 and No. 5, Ground Flooar, Emperor Watch & Jewellery Centre, No.8 Russell Street, which were the region with the most expensive rent in the world, were previously leased by Emperor Watch & Jewellery at $2.76 million a month but they will be transferred to Bonjour Holdings Ltd, rent was cut by 42% to $1.6 million a month, marking the greatest reduction in the region.

In addition, Tsui Wah (01314.HK) recently announced that the monthly rent of its store in Tsim Sha Tsui from 1 September to 2016 was reduced by 33% from $0.303 million to $0.203 million.

Source: AA Stocks news

More Related News:

  • Sluggish HK retail market forcing rent cutAugust 19, 2015 Sluggish HK retail market forcing rent cut Emperor International is ready to cut upto 50% rents in shopping districts to retain tenants. Emperor International Holdings Ltd (00163.HK), big landlord in Hong Kong focused on premium […]
  • Bossini net profit fell 9.23% yearly to HK$115mSeptember 17, 2015 Bossini net profit fell 9.23% yearly to HK$115m Profit of garment chains suffered from lackluster retail market. Bossini International Holdings Ltd. (00592.HK), a worldwide apparel fast-retailer headquartered in Hong Kong, announced […]
  • HK grocery chains shutting outlets in mallsNovember 24, 2015 HK grocery chains shutting outlets in malls Shopping malls operators seems reluctant to discuss rent-cut with tenant. 759 STORE, an expanding fast retailer of daily necessities owned by CEC International Holdings (0759.HK) since […]
  • Fear of MERS gripped Hong Kong economy growthJune 12, 2015 Fear of MERS gripped Hong Kong economy growth Stocks market, property, retail and tourism industries get hurt. The first confirmed Middle East Respiratory Syndrome (MERS) case in South Korea was announced on 22 May,  toll of […]