Some shopping malls have performed better than others during the economic downturn, with smaller and newer arcades hit by weak consumer sentiment but well-established malls standing their ground.
Cheung Kong (Holdings) will restructure the leasing terms of shops at its 300,000 square foot Fisherman's Wharf in Hunghom due to weak retail sales.
However, Wharf (Holdings) and Swire Properties said rents were higher for tenant renewals at their shopping centres.
Cheung Kong executive director Justin Chiu Kwok-hung said 60 per cent to 70 per cent of the 110 retailers at Fisherman's Wharf, which serves residential project Laguna Verde, had accepted the developer's offer, which involved rent reductions for a fixed time.
About 20 retailers had rejected the offer, while others had not renewed their leases.
Mr Chiu said Cheung Kong was unable to meet retailers' requests for a six-month rent-free period.
