Sheung Shui Minsheng District rent value climbed 20%
The retail industry continued to improve. The Rating and Valuation Department (hereinafter referred to as the Rating and Valuation Department) has completed the revaluation of the rateable value (hereinafter referred to as the rental value) for the 2019/20 (hereinafter referred to as the next year), which benefited the Mainland visitors. The rent value of the water shop in the Minsheng District, which is consumed by parallel customers, has risen across the board, up by 20%.
The number of passengers has risen and retail sales have rebounded from the bottom. However, the luxury goods market has not benefited. The purchase of daily necessities, medicines and foods by passengers has caused the related industries to expand rapidly in the people’s livelihood areas, which has led to an increase in rents. Among them, it has always been a popular “sweeping" of the mainland passengers and parallel customers, and the rental value has risen dramatically.
According to the information of the Department of Differential Assessment, the shop on the 6th Street, Lane Street, is now a shop selling snacks. The rental value for the next year is $468,000, compared with the rent of $390,000 in 2018/19 (hereinafter referred to as the current year). 20%. The rents of shops in the past three financial years have been rising, and the cumulative increase has reached 66%.
As for the Xinkang Street, which is zoned as a pedestrian precinct in the district, the number of land parcels in No. 69 in the street has increased by 19.8% from 1.392 million in the current year to 1.68 million in the next year. It is understood that the construction area of this shop is 1,320 square meters. Originally, the sports goods store promised to rent it for 130,000 yuan per month. However, last year, it was rented by a cosmetics store with a monthly rent of 200,000 yuan. The rent rose sharply by 53.8%.
Passengers love to spend near ports
The Hong Kong section of the Guangzhou-Shenzhen-Hong Kong high-speed rail (hereinafter referred to as the high-speed rail) was opened to traffic last year. Jordan, which is closer to the high-speed rail station, has not been too irritating for the time being. For example, underground and basement berths at No. 315 Nathan Road will have a rental value of 3.36 million yuan in the next year, down 8.2% year-on-year.
Pan Zhiming, the managing director of Zhongyuan (Industrial and Commercial), pointed out that in recent years, Hong Kong’s passengers have concentrated on consumption in neighboring ports. Therefore, the rents of shops in the Minsheng District of the New Territories have clearly outperformed traditional retail areas and even urban areas. As for the luxury goods business is still going downhill, the renting capacity is not as good as before, the renting of the four core retail areas has not been benefited from the rapid stimulation of the retail industry, so it can only be rampant.