Date
18 December 2017
Hysan Place, one of the property group's flagship assets, is shown in this file photo. Hysan Development said the gloomy economic outlook will impact the property market, domestic consumption and tourist spending. Photo: HKEJ
Hysan Place, one of the property group's flagship assets, is shown in this file photo. Hysan Development said the gloomy economic outlook will impact the property market, domestic consumption and tourist spending. Photo: HKEJ

Hysan sees another gloomy year in retail market

Hysan Development Co. Ltd. (00014.HK) expects another lackluster year in the retail sector amid a stronger US dollar and a slowing Chinese economy.

The gloomy economic outlook will impact the property market, domestic consumption and tourist spending, the Hong Kong Economic Journal reports, citing Hysan chief executive Lau Siu-chuen.

Rental increases for lease renewals are likely to fall to 5-10 percent this year, he said.

That compares with a 25 percent rise in 2015.

Hysan said its net profit plunged 40.8 percent to HK$2.9 billion (US$373.4 million) last year.

Morgan Stanley rated the company “underweight” given sales growth below the market average.

[Chinese version中文版]

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