Reported 7 months ago
The rental prices of retail spaces in Hong Kong's Causeway Bay have dropped drastically by 94% since its peak, with luxurious properties such as a Longines watch store being transformed into a cellphone accessories shop due to declining consumer spending on luxury goods. High-end retail spaces in prominent locations have now been converted into stores selling cheap toys, claw machines, mobile accessories, and temporary groceries, reflecting the weakened financial capabilities of property owners. The overall property market in Hong Kong has been affected, with many experiencing plummeting asset values and facing difficulties in selling their properties, such as the Tang family who have incurred approximately HKD 200 million in losses from selling 4 properties recently.
Source: YAHOO