WHARF REIC (01997) dropped more than 4%, declining 4.28% to HK$24.16 by the time of writing, with a turnover of HK$27.1908 million. On the news front, on January 2, the Hong Kong Special Administrative Region Government Census and Statistics Department released the latest retail sales figures. The provisional estimate for the total retail sales value in November 2025 was HK$33.7 billion, representing a 6.5% increase compared to the same month in 2024. The revised estimate for October 2025's total retail sales value showed a 6.9% year-on-year increase. Hong Kong Retail Management Association Chairman Annie Tse Yau On-yee anticipates that Hong Kong's retail sales will remain flat in the first half of 2026, with the trend of residents traveling northbound expected to persist and consumer spending power unlikely to see significant changes. The future focus is on attracting high-spending customers, though this will require time to yield results. JPMorgan noted that the slight slowdown in November retail sales might be partly attributed to dampened sentiment following the major fire at Hong Fuk Court in Tai Po in late November. The bank forecasts that Hong Kong's December retail sales will record low to mid-single-digit growth, implying a mild slowdown, due to factors including a potential tapering off of the strong uptrend in electronics products, a slight deceleration in the year-on-year growth of inbound tourists, and the ongoing impact of the Tai Po fire on consumer sentiment. However, the bank expects retail consumption to continue being supported by the wealth effect from the stock and property markets, as well as the depreciation of the Hong Kong dollar. JPMorgan maintains a constructive view on WHARF REIC, with an "Overweight" rating, citing signs that non-essential retail has bottomed out.