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Sandy Li

Fortune Real Estate Investment Trust (Fortune Reit), which owns 14 malls and retail centres in Hong Kong, said it expects to impose 'single-digit' retail rent increases after seeing strong sales growth over the holidays.
Justin Chiu, chairman of Fortune Reit, said sales at its malls grew 15 per cent during Christmas, compared with the year before, and rose 20 per cent during Chinese New Year.
Fortune's retail property portfolio comprises about two million square feet of retail space and parking slots for 1,669 vehicles.
'Tenants selling daily necessities registered especially strong performances and restaurants also achieved robust sales during the Chinese New Year,' he said.
 Rent increases will be 'single digit', he said. 'But the magnitude of the rent increase will be subject to tenants' sales turnover. Property agents and financial institutions may face higher charges when their leases are due for renewal as their earning ability is stronger than retailers selling daily stuff.' 
 Justina Chiu, deputy chief executive of Fortune Reit, said the renovation of the City One Sha Tin retail centre would start in the second half of this year and would be completed by the end of next year.
 Its Ngan Shing Commercial Centre, also in Sha Tin, has 100 per cent occupancy  and rental income grew by as much as 15 per cent after the completion of its refurbishment, said Ms Chui, who is the daughter of Justin Chiu.
Justin Chiu, who is also an executive director of Cheung Kong, said he supports the Hong Kong government's attempts to increase land supply. 'More land supply will help to boost market activity,' he said.
 He pointed out that mainland buyers, who are often blamed for the soaring property prices, accounted for only 7 per cent of Cheung Kong's total property sales last year, from 3 to 5 per cent previously.
 Meanwhile, The Link Real Estate Investment Trust announced that the monthly parking fee for 55 car parks for private cars would increase by around 7.1 per cent. However, the monthly fee for its Wan Tsui car park will  decline by 26.3 per cent. 
The new fees will be effective from April 1. 
Monthly charges for the remaining 121 car parks managed by The Link Reit will remain unchanged.



Reits push through retail rent rises as shoppers pour into malls