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Hong Kong retail rental market to sink while Singapore's swims thanks to quarantine-free tourist arrivals, end of Covid-19 restrictions

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Singapore and Hong Kong’s retail property segments are likely to see opposite fortunes this year, with the Lion City gaining an upper hand as it eases most Covid-19 restrictions and welcomes tourists back to its shores. Rents of retail properties in Singapore are likely to rise by one to two per cent this year, while Hong Kong will see a...

Reuters

The Southeast Asian financial hub has lifted travel curbs, done away with limits on gathering sizes, allowed employees to return to offices, resumed live performances, and reopened nightlife businesses. “In the past, tourists accounted for around 40 per cent of the retail sales in Hong Kong,” said Thomas Chak, executive director, capital market and investment services at Colliers Hong Kong. “Hence it’s a crucial component for a substantial rebound for the high-street retail market.”

 

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