Hong Kong retail: Chinese restaurant chain Peking Hotpot leases massive space in Central at 40% discount
- Jingyu Catering Group, Peking Hotpot’s owner, has leased nearly 6,000 sq ft in Peter Building at HK$341,000 (US$47,650) per month, according to an industry source
- Rents for high-street shops are expected to increase between 5 and 10 per cent this year as Hong Kong’s retail sector continues to improve, JLL’s Oliver Tong says
Restaurants and retailers in Hong Kong are locking in leases for large spaces amid a revival in consumer sentiment and rising tourism numbers.
A few lucky tenants are still finding bargains, as the city’s retail property sector continues to steadily recover from the onslaught of the pandemic that saw thousands of shops and restaurants close.
Peking Hotpot, a mainland Chinese restaurant chain, has leased nearly 6,000 sq ft on the ground floor of Peter Building on Queen’s Road, Central, to open its first restaurant in Hong Kong.
The restaurant’s owner, Beijing-based Jingyu Catering Group, has agreed to a monthly rent of HK$341,000 (US$47,650), or HK$58 per square foot, according to a property agent familiar with the matter. The new rent was nearly 40 per cent lower than the previous lease of HK$550,000 per month, the agent said.
The tenant is carrying out renovations and is likely to open the restaurant next month.
An increase in tourism numbers and consumer spending on food and drinks bodes well for the retail sector and the economy in general.
