There is pressure on rents for shopping malls

Hong Kong’s recent uncertainties have already put pressure on rent adjustment in individual shopping malls. Kwong Jun Industrial Trust (2778) Chief Executive Officer and Investment Director Wang Jiaqi said that rent or rent reduction depends on individual circumstances, and to match the style between the tenants.

At present, the mall has been fully rented out, there is often a restaurant tenant to move out, that is, 10 queuing to wait. But they choose tenants may not blindly only charge a high rent, but to consider whether the new tenants can bring more people flow. In this case, inevitably constitute a pressure on the owners to renew the rent.

Elevator accident provision of 5 million

The current dining tenants accounted for about 20% of the proportion of Longhao Square shopping malls, Wang Jiaqi expected, the future will continue to increase the number of catering tenants, or individual retailers to increase food and beverage elements. The mall will introduce new catering operators, and is the first time to come to Hong Kong, she expected to bring new ideas for the mall. Group budget this year in terms of asset value, as usual, invested millions of dollars each year into the investment. The mall after the occurrence of automatic elevator accident, has been re-opened in mid-July, the Group has a corresponding increase in routing instructions, increase publicity, and make 5 million yuan provision.

In the Central commercial rent, Wang Jiaqi said that there is no doubt more Chinese tenants, but to face the capital control and even “nineteen” under the uncertain situation, but fortunately the vacancy rate is low, the rent level remained stable The As of the end of June this year, Garden Road, No. 3, the existing rent per square foot has reached 84.65