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Hongkong Land
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  • CEOs of major landlords and developers say priorities for 2024 include offering tenants new, sustainable services and diversifying portfolios
  • While optimistic about Hong Kong’s future, executives say a talent shortage and ageing population are weighing on the market

Hong Kong’s luxury retail market is likely to regain some lost ground in 2024, say observers, as high-end brands return after an exodus sparked by 2019’s street protests and three years of pandemic restrictions.

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The London-headquartered multibrand luxury retailer will close its doors in March, after deciding to give up its lease for 60,000 sq ft of space in the upscale mall.

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Smith will succeed Robert Wong, who has been Hongkong Land’s CEO since 2016. Wong will stay on as a senior adviser to ensure a smooth leadership transition.

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Kate Middleton’s two siblings both have links to Hong Kong – here’s everything you need to know about James’ marshmallow venture and Pippa’s former fling with a local banking heir

It is the latest developer to launch an initiative that forms part of an industry-wide decarbonisation push aimed at helping the city reach its climate targets.

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Tel Aviv-based Verobotics expects to have more than 50 of its lightweight, artificial intelligence-powered cleaning robots deployed in the city by the end of next year.

Hongkong Land’s new development in the Shanghai bund area is part of the company’s commercial portfolio strategy in fast-growing mainland Chinese cities, which over the next five years will see the launch of 10 new projects in seven cities.

The project will be developed by property developer Hongkong Land, China Travel Service (Hong Kong) and West Bund, which is backed by the government of Shanghai’s Xuhui district.

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The centrally located and historically significant district offers up to US$2.5 million in subsidies for Hong Kong businesses and professionals, and welcomes bids on 2 million square metres of land.

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Agents are fielding more leasing enquiries as companies upgrade and consolidate, and rents are expected to edge up by the end of the year, according to market players.

Global businesses will refocus on Hong Kong as more Covid-19 restrictions are relaxed while an expected reopening of the border with mainland China helps retain its hub status, some commercial landlords say.

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Sotheby’s lease for the two-storey space in Chater House starts in the fourth quarter of 2023. The space will be used to host auctions and exhibitions and will also include a cafe, similar to its New York headquarters.

US money manager Invesco has leased 33,000 sq ft in Jardine House from November 1. Property consultants say that the office relocation trend is likely to continue well into 2023 amid falling rents.

Buildings account for about 90 per cent of electricity consumption in a city famed for its densely packed skyscrapers - technology is helping to cut the environmental impact.

Big companies are looking to move to Central or relocate within the city’s main business district, as they take advantage of falling rents, say market observers.

More Hong Kong restaurants are pivoting away from contemporary European and pan-Asian cuisine to Chinese food as the city’s restaurateurs elevate local cuisine to fine dining.

Office rent has plunged by 27 per cent from its peak in late 2021 in Hong Kong. Prices are likely to stay soft as the city faces the biggest new addition of grade A office space since 1998.

Hong Kong property companies are assessing their exposure to climate change impact, devising plans and adopting measures to bolster their resilience and capacity to adapt, especially to extreme flood and storm risks.

The government wants to cut electricity use of commercial buildings by 30 to 40 per cent and residential buildings by 20 to 30 per cent by 2050 from 2015 levels.

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The market for flexible working space is picking up again in Hong Kong after the initial slump brought by tough social-distancing rules during the early months of the coronavirus pandemic.