The market conditions have deteriorated
Apart from the large decrease in retail rents, some chain restaurants have closed some branches. For example, Tsui Wah (1314) has closed two stores in recent days, and it is expected to have a monthly rent of nearly 1 million yuan. In addition, after the completion of the well-known Wonton noodle shop Huangzhiji Central Branch, the rent of the shop was also more than 20%.
There are still two branches in the district
The original four branches of the Tsui Wan Causeway Bay area, two of which have recently closed down, are located at the ground floor branch of 483 to 499, Jaffe Road, Causeway Bay. The shop was rented at a monthly rent of $450,000 in September 2016. The lease period is until the end of this month. The store was previously re-integrated by the company and was scheduled to end at the end of the lease. The other is located on the ground floor of Sun On Building, 20-22, King Lung Street. The shop was leased from January 2016. The monthly rent was $518,000. The lease period is now at the end of the year. The Tsui Wah Building needs to be redeveloped. Move out. Cuihua continued to rent two shops without rent, saving a total of 968,000 yuan in rent.
23% of the former Huangzhiji shop in Central
Huang Zhongyu, senior divisional business director of the Commercial Leasing Department of the Central Plains (Industrial and Commercial Services), said that the ground floor of the Wanlifeng Center, 10 to 12 Stanley Street, Central, was about 4,500 square feet and was recently rented out at a monthly rent of about 293,000 yuan. Compared with the tenant Huang Zhiji, the monthly rent is about 23% lower than about 380,000 yuan. Huang Peiquan, a senior regional business director of the Central Plains Department, said that the rent reduction cases in Yuen Long and Tin Shui Wai were recorded in the same quarter, such as Shops A98 and 99, G/F, New North River Shopping Centre, Tin Shui Wai. The area was about 622 sq ft. The lease was about 55,000 yuan. The former tenant of the shop was SF Express. The monthly rent was about 63,000 yuan. The new rent was about 14% lower than the old one.