Giordano: Hong Kong retail market has not yet recovered

Liu Guoquan, chairman and chief executive of Giordano (709), said that the Hong Kong retail market has yet to recover and he expects one-third of this year’s renewal rents to receive double-digit rent reductions. He added that this year will accelerate the development of franchise stores in the world, but related measures will not extend to Hong Kong. In addition, Giordano’s dividend payout ratio last year was more than 100%. Liu Guoquan said that there is no target for acquisition so he hopes to return funds to shareholders.