Budget brands and stores played a big part in a 20 percent year-on-year first-quarter increase in sales at malls run by Hysan Development Co. Ltd. (00014.HK), the Hong Kong Economic Journal reported Wednesday, citing chairwoman Lee Yun-lien.
Vice chairman Lau Siu-chuen said the number of visitors to the group’s shopping malls rose 8 percent over the May Day break from a year earlier, despite signs of slower growth in retail sales across the city after the rapid expansion of the last two years.
The developer has diversified its tenant portfolio to include more lower-end stores such as UNIQLO and ALAND to cope with the market shift, Lau said.
Excluding two buildings under renovation, the group’s offices, malls and residential leasing properties posted utilization rates of between 95 and 99 percent during the quarter, with office rents up 30 to 40 percent compared with levels three years ago.
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