Hong Kong's Retail Sector Recovery Likely Has Further Room to Run
Dow Jones
Yesterday
0717 GMT - Hong Kong's retail sector recovery, likely underpinned by rebounding consumption, has more room to run, say DBS Group Research analysts in a note. The city's retail sales grew 8.9% in the first seven months of the year, boosted by local and tourist consumption. This recovery could drive rent increases, they say. The retail recovery could be sustained thanks to Hong Kong's continued efforts to attract overseas talent and a stronger yuan propping up mainland China tourist spending, they add. The analysts expect Hongkong Land and Hysan Development to benefit from the stronger sales, supported by tenant-mix optimization and asset rejuvenation moves. Wharf Real Estate Investment is also poised to gain from tourist spending growth at a retail asset.
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