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Tag: Hong Kong

  • Hong Kong is next destination for Korean fashion retailer F&F

    Hong Kong is next destination for Korean fashion retailer F&F

    Korean fashion retailer F&F has revealed plans to open in Hong Kong.

    Details are sketchy, but the company has signed an affiliate and will open its first standalone store in January, according to Korean analysts.

    F&F - MBL

    The expansion follows a stunning 28.6 per cent increase in sales in its home market in the fourth quarter of its latest financial year, which has promoted stock market analysts to rate the stock a “buy”. Profit has soared 36 per cent this year and is on track for a further 20 per cent growth in the 2018 financial year, according to analysts.

    F&F - MBL Kids

    F&F manufactures and retails fashion apparel and accessories for men, women and children under eight brands: MLB, MLB Kids, Discovery, Discovery Kids, Banila, B. By Banila, Collected and Lost Garden. The company focuses on casual apparel, dresses, blouses and sportswear.

    F&F Banila

    Besides its own retail outlets, it sells through department stores and wholesalers.

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  • Hong Kong world’s most expensive place to live

    Hong Kong world’s most expensive place to live

    Hong Kong tops the table of the world’s most expensive cities in terms of everyday cost of living. That’s according to a newly-published global survey by Mercer, a company specialising in sharing of ideas and information.

    Claiming six out of the top 10 spots, Asian cities dominate the list of most expensive locations for working abroad in the 2018 rankings.

    The Asian metropolis pushed the West African city of Luanda off the top spot. The Angolan capital now comes in at number six.

    Several European cities make the world list including London at 19, Copenhagen at 14, Geneva 11, Bern 10, and at world number three, Zurich is Europe’s move expensive city to live.

    The rankings are calculated based on the spending patterns among expats from different nationalities, comparing prices for similar brands and from similar retail outlets in both the home and the host city. In this way, a cost-of-living index can be compiled.

    One city of note this time around is the Portuguese capital Lisbon that has made the top 100 for the first time coming in at 93, a move up of 44 places.

    Some of the cheapest cities to live in Europe are in the east. They included the Bosnian capital Sarajevo, Serbia’s largest city Belgrade, Romanian and Bulgarian capitals Bucharest and Sofia, and the capital of the former Yugoslav Republic of Macedonia, Skopje.

    The survey shows some big differences depending on products. Coffee, for instance, varies wildly.

    In the South Korean capital, Seoul, a cup of coffee costs, on average around, 12 dollars, compared to four dollars in New York.

    A hamburger in Zurich is 15 dollars, but only five in Hong Kong, and seven in London.

    But when it comes to cinema tickets the British capital is way out in front at almost 25 dollars.

    Of course, you do not have to go to the cinema, but the chances are you do need to buy fuel for your car, and while Hong Kong comes out the most expensive Paris is not far behind. But when it comes to fuel prices, it seems we’re still too much in love with our cars to refuse.

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  • agnès b. brings art to Hong Kong

    agnès b. brings art to Hong Kong

    agnès b. Galerie Boutique has always brought beautiful and artistic works to Hong Kong. In January, agnès b. Galerie Boutique was pleased to welcome renowned, published Belgian cartoonist turned artist, François Olislaeger, who has participated in exhibitions at the Contemporary Art biennal in Le Havre in France, at the Cité de l’Architecture and at the Gaité Lyrique.

    In Hong Kong for the first time, François exhibits his Une Fleur Par Jour (A flower a day) project inspired by his obsession with heavenly flowers.

    In 2016, François Olislaeger turned himself into a florist crafting an incredible herbarium of Cacti, Bougainvillea, Lysis, Daisies and Tulips with the utmost care and attention to detail. It is here that he honed in on his craft using gentle, pastel watercolours to depict “simply” feeling the power of flowers and paint.

    Through each flower’s lifecycle François focused on the emerging blossoms, changes of colour palettes, the variation of gestures and movement from each unique bloom, he then reinterpreted it through soft watercolours onto canvases with a sense of artistic freedom and playfulness.

    François Olislaeger’s flowers don’t have the precision of botanic boards – it is not his vocation. They don’t have the radicalness of those of Ellsworth Kelly yet. The creativity is somewhere else, in the context, in the setting, some details more or less noticeable – a colour, an incongruous presence, and petals hanging. François Olislaeger’s flowers are innocent. For the moment, they talk mainly about love – of art, of life, of a father for his young daughter Lila – and about the transformation of a very talented cartoonist becoming a painter.

    agnès b. Galerie Boutique is showcasing more than 80 pieces of François’s collection in this exhibition, some of the artworks were previously exhibited in agnès b. Galerie du jour in Paris, however for the majority of his collection – this is their first showcase and the exhibition is now open to public until 30 June 2019.

    agnès b. Galerie boutique was delighted to welcome François Olislaeger to the vernissage of his exhibition at the agnès b. Galerie Boutique on the night of 31 January 2019.

    Media and KOL friends were treated to a personal recollection of what inspired him to create his artwork as well as witness François live paint the Lily and two other artworks exclusively for the Hong Kong exhibition. agnes b. Galerie Boutique also designed 7 styles of temporary tattoo stickers that guests were about to take home a memory of his art.

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  • Mainlanders drive Sa Sa sales to $2.1b

    Mainlanders drive Sa Sa sales to $2.1b

    Sa Sa International Holdings (0178), the cosmetics and skincare retailer, said yesterday retail and wholesale turnover for the first quarter ended June 30 increased by 24.8 percent over the same period the year to HK$2.11 billion.

    The retail and wholesale turnover in Hong Kong and Macau markets increased by 27.7 percent to HK$1.8 billion, while same-store sales increased by 25.3 percent.

    This was mainly driven by a 27.5 percent increase in the number of transactions from mainland tourists, which also led to a 14.5 percent growth in the volume of transactions.

    The average sales per transaction of local consumers and mainland tourists increased by 8.1 percent and 7 percent respectively, Sa Sa reported.

    Hong Kong’s retailers have forecast their turnover in the second half to grow by 10 percent year on year, JLL found in a recent survey.

    About 83 percent of the international and local retailers are planning to open new shops in the city over the next 12 months, a significant jump from 62 percent as recorded a year ago. JLL surveyed 40 retailers and retail landlords in June and found that more than 90 percent of the respondents stated their retail sales in the first half of 2018 fared better than those in the previous year.

    Retailers from almost all sectors are seeing strong and sustained growth in their sales which will lead to them investing more into the market, while the luxury sector is currently the biggest winner, led predominantly by the mainland tourists, said James Assersohn, director of Asia Pacific Retail at JLL.

    “However, we also see locals increase spending which provides a deeper and more sustainable growth trajectory for retail businesses here,” James added.

    Meanwhile, it is worth noting that changing consumption patterns and shopper profiles fueled by millennials and generation Z have also led to greater demand for mass and mid-market brands, serving as a significant boost to local spending, said the survey. It is expected that the rents of high street shops and prime shopping centers to grow in the range of 0 to 5 percent for the full year, said Terence Chan, Head of Retail at JLL in Hong Kong.

    For the local industrial and commercial property market, property agency Midland IC&I (0459) forecast 10,000 transactions will be recorded in 2018, rising by 8 to 10 percent year-on-year, which will set a new record high.

    The turnover for the year is expected to decline 0 to 5 percent mainly due to uncertainties including the trade war between China and the United States and fluctuations the local stock market.

    Midland IC&I forecasts that industrial and commercial properties will record a turnover of HK$130 billion and HK$160 billion respectively for the second half and the full year.

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  • Hong Kong’s Beloved Ancient Moon Restaurant Closes Amid Shifting Consumer Trends And Family Priorities

    Hong Kong’s Beloved Ancient Moon Restaurant Closes Amid Shifting Consumer Trends And Family Priorities

    “We have tried to adapt but our ability and resources are limited,” the owners shared in a heartfelt Instagram post that captures both their frustration and resilience. After dedicating 11 years to cultivating their space, they are shutting the doors to Ancient Moon, a beloved restaurant in Hong Kong, as they prioritize spending more time with family amidst challenging external conditions. However, there’s a silver lining: their other establishment, “The Second Phase,” will continue to serve the community.

    Recognition Amidst Adversity

    Known for its culinary prowess, Ancient Moon was recently honored with a Bib Gourmand designation in the 2024 Michelin Guide for Hong Kong and Macau. This accolade celebrates eateries providing “high-quality food for only HKD400 (US$50) or less,” making it a standout choice for those seeking a delicious meal without breaking the bank.

    However, Ancient Moon’s closure is part of a broader trend affecting many small businesses throughout Hong Kong’s restaurant scene. Shifting consumer habits have put significant pressure on local eateries, as noted by the South China Morning Post. The statistics are telling: Hong Kong’s retail sales dipped for the 14th month in a row as of April, sliding 2.3% year-on-year to HKD28.9 billion. The situation has deteriorated further, with retail sales down 5.6% in the first four months of 2025.

    Consumer Trends Shift

    This downturn is partially attributed to locals choosing to shop in Shenzhen for more affordable options or indulging in travel, spurred by the Hong Kong dollar’s strength against currencies like the yen. Additionally, the recent influx of tourists seems to favor cultural experiences rather than shelling out for upscale dining and luxury shopping.

    The woes don’t stop at Ancient Moon. King Parrot Group, a popular restaurant operator, recently closed nine of its eateries, reportedly owing staff more than HKD1 million. This decision follows years of scaling back operations, marking a tough chapter for the once-thriving enterprise known for over 20 restaurant brands at its pinnacle. According to Nerine Yip Lau-ching, general secretary of the Hotels, Food and Beverage Employees Association, employees were informed of the closures and paid their outstanding wages immediately.

    In a similar vein, Los Angeles-based sandwich chain Eggslut exited Hong Kong’s scene less than two years after its debut. The high cost of commercial rents has exacerbated the trend. Notable victims include Transformers: The Ark Restaurant, a hamburger and pizza venue that previously paid up to HKD1 million monthly in rent in Causeway Bay, one of the world’s most expensive retail hotspots, before shuttering last year.

    With these developments, one can’t help but wonder: could the charm of local eateries bounce back amidst adversity? Only time will tell, but the culinary landscape continues to evolve.

    Questions & Answers

    What were the primary reasons for Ancient Moon’s closure?
    The owners cited challenging external conditions and a desire to spend more time with their families.

    What recognition did Ancient Moon receive before its closure?
    The restaurant earned a Bib Gourmand designation in the 2024 Michelin Guide for Hong Kong and Macau.

    How are consumer trends impacting the restaurant industry in Hong Kong?
    Many locals are opting to shop in Shenzhen or travel overseas for better value, significantly affecting local restaurants, while tourists are leaning toward cultural experiences rather than luxury dining.

  • Hong Kong Real Estate Sees Record-breaking Sales Amid Developer’s Financial Struggles

    Hong Kong Real Estate Sees Record-breaking Sales Amid Developer’s Financial Struggles

    All 138 units in the Wong Chuk Hang neighborhood were sold within just seven hours of their launch on Saturday morning, raising a staggering HK$1.53 billion (US$196 million), as reported by property agents in the South China Morning Post.

    Record-Setting Prices and Swift Sales

    The new apartments, which feature two to four bedrooms, were priced between HK$8.5 million and HK$37.2 million each. This pricing resulted in an average cost of approximately HK$21,000 per square foot (US$28,800 per square meter)—a remarkable record low for new homes in the area, according to Bloomberg. This price point was about 4.5% less than that of CK Asset Holdings’ Blue Coast project, which ignited a buying spree in the same locale last year.

    In a splendid turn of events, Deep Water Pavilia was developed by New World, the flagship real estate company of the billionaire Cheng family and one of Hong Kong’s “big four” developers, alongside Empire Group Holdings, CSI Properties, Lai Sun Development, and MTR Corporation.

    Investor Interest and Market Dynamics

    Louis Chan Wing-kit, the CEO of Centaline Property Agency, noted that the project has attracted both end-users and investors alike, thanks to its competitive pricing and prime location directly above a mass transit railway station. The allure was further cemented by the fact that around 40% of buyers were investors seeking rental income, a reflection of current market trends, as reported by Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.

    The robust sales are a welcome financial boost for New World, which has been facing rising financial pressures. Just weeks prior, in late May, the developer announced it would defer US$77.2 million in coupon payments on four perpetual bonds due that month. New World became the second Hong Kong property firm to take such a step in recent years, highlighting the ongoing struggles within the city’s property market plagued by price declines, sluggish sales, and high-interest rates.

    New World faces significant challenges, holding one of the highest debt ratios among its competitors. The company is under increasing pressure to manage its HK$87.5 billion in borrowings, especially after pledging around 40 properties—including its flagship commercial complex at Victoria Dockside—as collateral.

    Navigating Succession and New Horizons

    Amidst these financial challenges, the Cheng family—Hong Kong’s third-richest clan with an estimated fortune of US$19.5 billion according to Forbes—finds itself navigating complex succession issues. The group underwent two CEO changes last year following a record HK$19.7 billion loss for the fiscal year ending June 2024, with Adrien Cheng, once seen as the heir apparent, stepping down. His successor lasted only two months, leaving many eyebrows raised about the family’s leadership stability.

    With these developments unfolding, it seems that the property’s rapid turnover is not just a fleeting trend, but perhaps the beginning of a new era in the Hong Kong real estate landscape.

    Questions & Answers

    What types of apartments were sold in Wong Chuk Hang?
    The sold apartments ranged from two to four bedrooms.

    How much money did New World raise from the sales?
    New World raised a total of HK$1.53 billion (US$196 million) from the sale of the 138 units.

    What financial challenges is New World facing?
    New World is dealing with high debts, including HK$87.5 billion in borrowings, and has deferred coupon payments on bonds amid a struggling property market.

  • Chow Tai Fook Overcomes Sales Slump With Increased Operating Profit: Unveils Expansion Plans

    Chow Tai Fook Overcomes Sales Slump With Increased Operating Profit: Unveils Expansion Plans

    Despite subdued consumer sentiment impacting its sales in the last fiscal year, Chow Tai Fook witnessed an increase in its operating profit.

    The company’s revenues for the fiscal year, ending on March 31, saw a significant decrease of 17.5 per cent, amounting to HK$89.6 billion (US$11.4 billion). The reasons behind this slump were attributed to wider macroeconomic factors and high gold prices, both of which contributed to dampening consumer sentiment.

    However, the company’s operating profit demonstrated resilience amidst these challenges, marking a 9.8 per cent increase and reaching HK$14.7 billion. This rise in profit can be attributed to a well-curated product mix, increased gold prices, and effective cost management strategies. Consequently, the operating profit margin also saw an enhancement of 400 basis points, rising to 16.4 per cent.

    Nevertheless, the profit assigned to shareholders witnessed a drop by 9 per cent, amounting to HK$5.9 billion. This was due to the fact that the growth in operating profit was overshadowed by the losses incurred through the revaluation of gold loan contracts.

    The company also highlighted that its same-store sales performance in Mainland China demonstrated a progressive improvement on a quarterly basis. Concurrently, the performance of stores in Hong Kong and Macau showed signs of stabilization towards the end of the fiscal year.

    Throughout the year, Chow Tai Fook made notable advances in its brand transformation strategy. The company launched five new stores featuring a premium format in Mainland China and Hong Kong. These were designed to augment brand desirability and enhance store productivity.

    In the upcoming fiscal year, the company is set to continue its strategic expansion by unveiling its new-format stores in Singapore and Canada. Additionally, it also plans to penetrate high-growth markets in Southeast Asia and prime locations.

    Questions & Answers

    What was Chow Tai Fook’s revenue for the year ended March 31?
    The revenue for Chow Tai Fook for the year ended March 31 was HK$89.6 billion (US$11.4 billion).

    What factors contributed to the increase in Chow Tai Fook’s operating profit?
    The rise in Chow Tai Fook’s operating profit can be attributed to an improved product mix, higher gold prices, and effective cost management measures.

    What are Chow Tai Fook’s expansion plans for the upcoming fiscal year?
    Chow Tai Fook’s expansion plans for the upcoming fiscal year include launching new-format stores in Singapore and Canada. It also plans to infiltrate high-growth markets in Southeast Asia and other prime locations.

  • Cafe De Coral Profits Plummet Amid Economic Fragility; Embraces Strategic Adaptations For Resilience

    Cafe De Coral Profits Plummet Amid Economic Fragility; Embraces Strategic Adaptations For Resilience

    Cafe de Coral, a prominent foodservice operator, has disclosed a slump in earnings, attributing the setback to a frail economy and lukewarm consumer sentiment. The fiscal report for the year ending March 31 revealed a 1.4% slide in revenue, resulting in HK$8.568 billion (US$1 billion). Concurrently, the profit attributable faced a steep 29.6% fall, amounting to HK$232.7 million.

    Challenging Industry Landscape

    The management acknowledged a severe downturn in the restaurant sector both in Hong Kong and Mainland China. The slump was aggravated by heightened economic fragility and a tepid consumer sentiment. Additional factors contributing to the downturn included the outbound spending habits of Hong Kong’s residents and stiff price competition in Mainland China’s marketplace.

    In Hong Kong, the revenue loss was marked at 1.4% with casual dining and quick service restaurants experiencing a decline of 6.4% and 0.3% respectively. Revenue from Mainland China recorded a 1.3% decrease.

    Strategic Adaptation

    Sunny Lo, the Chairman of Cafe de Coral, contended that the uncertainty over the course of the previous year was indicative of a long-term transformation in global markets. As per him, this transformation was triggered by geopolitical forces adapting to a new dynamic.

    Lo stated, “Our management team has accepted and embraced the current economic challenges and is adapting the business to thrive in the new environment.” He further emphasized the company’s commitment to the future by refining its restaurant portfolio, hiring new talent, and integrating innovative technological solutions to transform the business operations.

    Cafe de Coral currently oversees a network of over 500 stores spanning Hong Kong, Macau, and nine principal cities in Mainland China.

    Questions & Answers

    What is the main reason for Cafe de Coral’s decreased profits and sales in the last fiscal year?
    The primary reasons for the decrease in profit and sales were attributed to a weak economy and lukewarm consumer sentiment, particularly in Hong Kong and Mainland China.

    How did the downturn affect different restaurant types?
    The downturn affected casual dining and quick service restaurants differently. Casual dining saw a decrease of 6.4%, while quick service restaurants experienced a smaller decrease of 0.3%.

    What steps is Cafe de Coral taking to adapt to the current economic challenges?
    The company is adapting by refining its restaurant portfolio, recruiting fresh talent, and incorporating new technology into its operations.

  • Pop Star Karen Mok Expands Her Real Estate Portfolio with $10.8M Luxury Apartment in Hong Kong

    Pop Star Karen Mok Expands Her Real Estate Portfolio with $10.8M Luxury Apartment in Hong Kong

    The Mid-Levels District in Hong Kong is buzzing with real estate activity as celebrity Karen Joy Morris finalized the purchase of a luxurious 2,153 square-foot, three-bedroom unit on Old Peak Road on June 12, as reported by the South China Morning Post. Nestled within the esteemed Dynasty Court—a prestigious residential estate comprising five blocks and 409 units—Morris adds a touch of star power to this prime locale.

    At 55, Morris is no stranger to the limelight. She boasts an impressive portfolio with 18 studio albums and over 40 film appearances to her name. Notably, she’s the first Hong Kong singer to claim China’s Golden Melody Award three times and the trailblazing female solo artist to grace Beijing’s National Stadium, famously known as the Bird’s Nest.

    Hong Kong pop diva Karen Mok holds a concert in Nanjing City, east China’s Jiangsu Province, 10 May, 2025. Photo by Imagechina via AFP

    The aftermath of a dramatic 45% decline in property prices due to rising interest rates has attracted an influx of affluent buyers to Hong Kong’s high-end real estate sector. Just last month, Shirley Peng, sister of former Chief Executive Tung Chee-hwa, made headlines by acquiring a lavish apartment in the same district for a staggering HKD119 million.

    In another noteworthy transaction, Ant Group executive vice-president Shao Xiaofeng and his wife, Li Jian, secured a sprawling 3,314 sq ft, four-bedroom detached house in Tai Tam’s Villa Rosa for HKD78 million, illustrating the trend toward luxurious living amidst market fluctuations.

    Despite struggles in the broader property market, Knight Frank’s Wealth Report 2025 suggests that Hong Kong’s ultra-luxury segment is on the verge of rejuvenation. The city remains a global hotspot for super-prime real estate, clocking in 166 ultra-luxury transactions last year, according to reports from Hong Kong Business.

    The first half of this year has seen an uptick in activity within the luxury market, driven by the availability of distressed units at reduced rates that lure cash-rich buyers on the hunt for high-value properties. Knight Frank predicts a potential 5% decline in residential homes priced between HKD20 million and HKD40 million, while properties exceeding HKD40 million are expected to hold their ground.

    In related news, JLL Hong Kong noted in a December report that luxury residential prices could dip about 5% this year, primarily due to oversupply. JLL Chairman Joseph Tsang emphasized that the current downturn isn’t merely cyclical; rather, deep-seated structural changes are reshaping market dynamics and asset values.

    To stir up buyer interest, some developers are adjusting their price strategies. Recently, New World Development Co unveiled 138 homes for sale at record-low prices in Southside. The response has been overwhelming, with over 4,500 eager buyers registered to make their move. With home prices nearing an eight-year low and more than 22,000 new units available as of March, local property agency Centaline sounds the alarm over potential market risks.

    In a city where glitzy talent and pricey real estate intersect, is the high-end property market ready to bounce back? Only time will tell, but for now, the luxury sector seems to be embracing a wave of change that could reshape Hong Kong’s landscape.

    Questions & Answers

    What significant purchase did Karen Joy Morris make?
    She purchased a 2,153 square-foot three-bedroom unit on Old Peak Road in the Mid-Levels District on June 12.

    How has the high-end property market in Hong Kong been affected recently?
    Despite a slump in the broader property market, the luxury sector is poised for recovery, with affluent buyers showing renewed interest in high-value properties at lower prices.

    What are some recent trends in the luxury property market?
    Developers are lowering prices to attract buyers, while properties over HKD40 million are expected to remain stable despite forecasts of a 5% decline for homes priced between HKD20 million and HKD40 million.

  • Ant International Pursues Stablecoin Licenses in Hong Kong and Singapore, Report Reveals

    Ant International Pursues Stablecoin Licenses in Hong Kong and Singapore, Report Reveals

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    Retail Landscape Update

    In a remarkable turn of events this quarter, retail trends across Asia are evolving, shaped by shifting consumer behaviors and the growing demand for sustainability. With more shoppers opting for eco-friendly products, brands are racing to adapt their offerings to this conscious consumer base.

    Digital Transformation Accelerates

    Technology continues to be a key player in the retail arena, driving businesses to invest in e-commerce platforms and innovative shopping experiences. From augmented reality showcases to seamless payment solutions, the digital shift is not just noteworthy—it’s revolutionary. Retailers who embrace this shift stand to gain a competitive edge, capturing the hearts of tech-savvy consumers.

    Brands Embrace Sustainability

    Sustainability has leapt to the forefront of retail strategies, as consumers increasingly seek products that are not only high-quality but also environmentally responsible. Major brands are committing to sustainable practices, ensuring their supply chains reflect eco-friendly values.

    To keep up with these dynamic changes, it’s crucial for retailers to remain vigilant and responsive. After all, in the world of retail, it’s not just about selling products; it’s about creating experiences that resonate with the modern shopper.

    Oh, and did you hear? Apparently, sustainable shopping can now even be a fun family outing!

    Questions & Answers

    **What are the main trends influencing retail in Asia right now?**
    The current trends include a strong emphasis on sustainability, digital transformation, and evolving consumer preferences towards eco-friendly products.

    How can retailers prepare for the digital shift?
    Retailers can prepare by investing in robust e-commerce platforms, enhancing customer experience through technology, and exploring omnichannel strategies.

    Why is sustainability becoming so important in retail?
    Sustainability is crucial as consumers are increasingly choosing brands that reflect their values, prioritizing environmentally friendly and ethically sourced products.

  • Ho Shung-pun family of Hong Kong lists $44M building after selling Peak luxury homes.

    Ho Shung-pun family of Hong Kong lists $44M building after selling Peak luxury homes.

    The vacant building nestled in the bustling Mong Kok district has recently hit the market, boasting a remarkable five floors and a total gross floor area of approximately 13,000 square feet (1,207 square meters). The news broke last Wednesday, as the South China Morning Post reported, with Colliers appointed as the sole agent in charge of this intriguing listing.

    Originally acquired in 1971 for HK$420,000 by Kowloon Investment, a venerable property investment and management firm celebrating its 70th anniversary, this sale has piqued the interest of many in the real estate sector. The listing has emerged in the wake of a significant financial maneuver by the Ho family, which saw Kowloon Investment’s director selling seven luxury homes on the Peak, raising about HK$3 billion to settle private loans.

    These luxury transactions tell a compelling story. Notable sales this year include three houses on Plantation Road, which fetched an impressive HK$1.1 billion in July, another set of three units on the same road that sold for HK$828 million in October, and a lavish townhouse on Peak Road that went for HK$1.05 billion in November. Some of these residential gems went for as little as half their previous market price, according to Bloomberg.

    The trend isn’t just unique to the Ho family; a number of entrepreneurs and celebrities in Hong Kong are cashing in on luxury properties at eye-catching prices. Actor Chow Yun Fat, for example, made headlines late last year by slashing the price of his Peak mansion by HK$25 million, bringing it down to HK$195 million. This prime piece of real estate, affectionately dubbed “Sunshine Garden,” was initially acquired for HK$128 million.

    Meanwhile, in the vibrant Tsim Sha Tsui shopping district, a property formerly owned by the late Stanley Ho, known as the “King of Gambling,” has also come into the spotlight. Marked at HK$88 million, this property is indicative of shifting dynamics in one of Hong Kong’s most coveted areas.

    “There are few opportunities to acquire such a prime development site in the heart of Tsim Sha Tsui,” remarked Reeves Yan, head of capital markets at CBRE Hong Kong, the exclusive agent managing this sale. On another note, Gale Well Group CEO Jacinto Tong recently parted with his penthouse for HK$138 million. He and his sister are also preparing to list assets valued at around HK$2.2 billion in 2025, which includes luxury residences, office buildings, and retail spaces.

    In a rapidly changing market, the tale of luxury real estate sales unfolds, leaving many to wonder where the next surprising twist might emerge.

    Questions & Answers

    What is significant about the Mong Kok building’s sale?
    The Mong Kok building’s sale is noteworthy due to its prime location and the significant history behind its original purchase price.

    How are luxury property prices trending in Hong Kong?
    Luxury property prices in Hong Kong are experiencing a downward trend, with sellers, including celebrities and entrepreneurs, listing homes at distressed prices.

    What does the current market indicate for future sales?
    The current market suggests a continued shift, with luxurious properties being sold at much lower prices, potentially attracting renewed interest from buyers.

  • AirAsia Launches New Fifth Freedom Route: Inaugural Hong Kong–Okinawa Flight Takes Off

    AirAsia Launches New Fifth Freedom Route: Inaugural Hong Kong–Okinawa Flight Takes Off

    AirAsia is proud to announce the launch of its latest Fifth Freedom route, connecting Bangkok (Don Mueang) – Hong Kong – Okinawa, Japan, with the inaugural flight departing today. This marks the airline’s first route to Japan connecting Hong Kong.

    To commemorate the inaugural service, AirAsia, in collaboration with the Okinawa Prefectural Government and Hong Kong International Airport, hosted a special celebration at the boarding gate. Mr. Ricky Chong, Assistant General Manager of Network Development at Hong Kong International Airport, and  Mr. Yasutoshi Nohara, Director of the Okinawa Prefectural Government Hong Kong Representative Office were joined by the special guest, Okinawa’s mascot “Mahae-chan,” along with Terence So, Marketing Head of AirAsia Hong Kong and Macao to distribute commemorative gifts to passengers on the first flight, adding to the excitement of the journey. Additionally, passengers were welcomed by the Okinawa Convention and Visitors Bureau in Okinawa. The route has received a strong market response from both Thailand and Hong Kong, with a pleasing passenger load factor of 90%.

    Mr. Santisuk Klongchaiya, Chief Executive Officer of Thai AirAsia, stated Fifth Freedom routes represent a strategic opportunity to expand our customer base by tapping into new, high-potential markets. “Hong Kong is a key hub with great potential for connecting passengers to places like Okinawa, a beloved Japanese destination. The journey from Hong Kong to Okinawa takes approximately two and a half hours, making it an ideal option for a short, comfortable trip. Whether it’s a weekend escape or a beachside retreat, Okinawa is a year-round destination.”

    AirAsia currently operates direct flights from Hong Kong/Macao to destinations including Kuala Lumpur, Kota Kinabalu (Sabah), Bangkok (Don Mueang), Manila, Jakarta, Bali and Okinawa.

  • Hong Kong retail sales fall for 14th straight month in April

    Hong Kong retail sales fall for 14th straight month in April

    The continued downtrend in retail sales in Hong Kong marked its 14th consecutive month in April, as per the latest government data. Local consumers have adopted a cautious approach towards spending, and tourists from mainland China have been opening their wallets less frequently. Despite this, the decrease in sales wasn’t as significant as in March.

    In April, retail sales by value decreased by 2.3 per cent year-on-year to HK$28.9 billion (US$3.68 billion). This follows a 3.5 per cent drop in March. In terms of volume, there was a 3.3 per cent decline from the previous year, which is less than the revised 4.7 per cent fall in March.

    Despite an increase in tourists from mainland China, many were day-trippers who did not contribute significantly to retail sales. Furthermore, Hong Kong residents opted to spend more across the border, taking advantage of the strong position of the Hong Kong dollar against the Chinese yuan.

    A government spokesperson from Hong Kong highlighted the ongoing adjustments in consumption patterns and increased competition among businesses. These factors, coupled with an uncertain macroeconomic environment, pose challenges to the retail sector.

    Nonetheless, the spokesperson also noted that government initiatives to promote tourism and major events, along with steady growth in the mainland economy, are expected to boost consumer sentiment.

    The Hong Kong Tourism Board’s data showed that the number of visitors in April was 3.85 million, a 13.5 per cent increase from the same month last year. This compares with 3.82 million in March, 3.67 million in February, and 4.74 million in January.

    There were 2.81 million visitors from mainland China in April, showing a 13.3 per cent rise from a year ago. This is compared to 2.75 million in March, 2.77 million in February, and 3.73 million in January.

    In April, sales of jewellery, watches, clocks, and valuable gifts experienced a 1.7 per cent decline year-on-year, following a 3.4 per cent drop in March.

    Questions & Answers

    How has retail spending in Hong Kong changed in recent months?
    Retail spending in Hong Kong has seen a downtrend for 14 consecutive months as of April. Local consumers have been cautious in their spending, and visitors from mainland China have been spending less.

    How has tourism affected retail spending?
    Even though there has been an increase in tourists from mainland China, many are day-trippers who do not significantly contribute to retail sales. Additionally, Hong Kong residents have been spending more across the border due to the strength of the Hong Kong dollar against the Chinese yuan.

    What factors pose a challenge to the retail sector in Hong Kong?
    The ongoing changes in consumer consumption patterns, increased business competition, and an uncertain macroeconomic environment are all factors that present challenges to the retail sector in Hong Kong.

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  • Championing European Culinary Heritage in Hong Kong

    Championing European Culinary Heritage in Hong Kong

    European culinary delicacies shine this May, as the “Enjoy the Authentic Joy from Europe” campaign celebrates four premium delicatessen meats with an exclusive press luncheon. This exciting campaign, co-financed by the European Union and supported by three esteemed consortia, brings the rich, indulgent flavours of Mortadella Bologna PGI, Salamini Italiani alla Cacciatora PDO and Zampone Modena PGI and Cotechino Modena PGI to the dynamic city of Hong Kong. 

    Special Press Luncheon

    As part of the “Enjoy the Authentic Joy from Europe” campaign, an exclusive press luncheon hosted at Giando Italian Restaurant & Bar in Hong Kong today, brought together key media representatives, influencers, and food enthusiasts to indulge in a customised menu featuring the iconic products.

    The lunch also included an introduction from representatives of the three consortia behind these meats: Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP.

    Following the press luncheon, interested parties can purchase the renowned deli meats at selected city’super, one of Hong Kong’s leading, premium grocery stores, giving customers the opportunity to explore, taste and purchase these exceptional products while learning more about their heritage.

    • Central – ifc mall: 1041-1049, Level 1, ifc mall, 8 Finance Street, Central, Hong Kong
    • Causeway Bay – Times Square: Basement 1, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
    • Tsim Sha Tsui – Harbour City: Shop 3001, Level 3, Gateway Arcade, 3-27 Canton Road, Harbour City, Tsim Sha Tsui, Hong Kong
    • Shatin – New Town Plaza: Shops 204-214, Level 2, New Town Plaza 1, Sha Tin Centre Street, Sha Tin, Hong Kong

    Supporting Heritage and Quality

    The three consortia behind these products – Consorzio Italiano tutela Mortadella Bologna, Consorzio Cacciatore Italiano, and Consorzio Zampone e Cotechino Modena IGP – are non-profit organisations dedicated to safeguarding and upholding these traditional foods.

    The consortia ensure that their deli meats meet strict production standards in compliance with the European Union’s PDO (Protected Denomination of Origin) and PGI (Protected Geographical Indication) certifications. These certifications not only protect the integrity of these products, but they ensure consumers of their authenticity, nutritional value, and quality while also supporting the producers who continue to craft them using time-honoured methods.

  • FMG Launches Regional HQ and Debuts Urban Revivo Store in Hong Kong

    FMG Launches Regional HQ and Debuts Urban Revivo Store in Hong Kong

    Chinese fast-fashion retailer Fashion Momentum Group (FMG) has officially launched its regional headquarters and opened the inaugural URBAN REVIVO store in Hong Kong, according to an announcement by Invest Hong Kong (InvestHK). This strategic move is designed to streamline the company’s corporate treasury and retail operations while supporting its global expansion ambitions.

    Arnold Lau, the acting director-general of investment promotion at InvestHK, emphasized the allure of Hong Kong, highlighting its advantageous location and robust supply chain as key factors driving international retail growth.

    Adding to the excitement, Vivian Chen, CEO of International Business at URBAN REVIVO, mentioned that collaboration with InvestHK last year had bolstered their confidence to venture into the Hong Kong market. “Hong Kong introduces us to a diverse customer base, set within a friendly business ecosystem characterized by zero tariffs and effective infrastructure,” she commented. “The city uniquely positions us as a bridge connecting the Mainland to the global market.”

    Fashion lovers and global brands, consider this: Hong Kong isn’t just a shopping destination; it’s a gateway to the world!

    Questions & Answers

    What is the purpose of FMG’s new headquarters in Hong Kong?
    FMG aims to manage its corporate treasury and retail operations more effectively while facilitating its global expansion from Hong Kong.

    What benefits does Hong Kong offer to international retailers?
    Hong Kong provides a strategic location, a robust supply chain, an open business environment with zero tariffs, and effective infrastructure.

    How did FMG gain the confidence to enter the Hong Kong market?
    FMG collaborated with InvestHK, which introduced them to global brands and helped strengthen their confidence in establishing a presence in the region.

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