HONG KONG: Retail rents in Hong Kong, among the most expensive in the world, fell sharply in the third quarter, property consultancy CBRE said on Tuesday , following anti-government protests that have pushed shop sales to a record low.
The landlord of an 11,600 sq ft, three-storey shop space in Causeway Bay, a prime shopping district, has slashed rent by more than 30 per cent, according to realtor Midland IC&I. A Midland survey published last month showed vacancy rates in Hong Kong's four core shopping districts rose only slightly to 6.5 per cent in the third quarter, up from 5.6 per cent a year ago.
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