Retail Properties

Hong Kong ranks as the world's most expensive high-street retail destination with average rent of US$4,327 per sq ft per annum, surpassing New York, Paris, London and Tokyo by a substantial margin, according to the latest research from CBRE. This is the third consecutive year that Hong Kong has ranked top of the global list. 

The China retailing space has experienced ‘unprecedented challenges’, prompting New World’s move to privatise its department store arm. Photo: AFP

New World to buy out China retail unit in HK$934.5m privatisation

New World Development, the holding company of the Cheng family, one of the wealthiest in Hong Kong, will buy out a retail unit that operates department stores in mainland China in a HK$934.5 million (US$119.90 million) privatisation plan.