Second quarter retail property markets growth strengthened in Shanghai and Guangzhou, but weakened in Beijing and Hong Kong, according to a new report by Knight Frank.
The company’s Greater China 2nd Quarter Report says rental rates for
retail space hit USD209.30 per square metre per month in Guangzhou and
USD115.10 in Shanghai. Beijing rates are lower, at USD85.40, while Hong
Kong remains the highest priced, at USD581.20.
In Hong Kong, Knight Frank says that “a turbulent financial market”
slowed the growth of retail sales volume to seven per cent during the
second quarter, from double digits in the previous three quarters.
It adds that: “In the coming months, retail rental growth in mainland
China’s key cities is likely to outpace that of Hong Kong. In China,
foreign brands will continue to compete for footholds in major cities,
while in Hong Kong, retailers may slow their pace of expansion, with
the unemployment rate expected to rise and inflation expected to eat
into real income.”
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