Protests cast a shadow on restaurant rents in Causeway Bay and Central
- Restaurant rents in these two districts are set to fall up to 8 per cent and 3 per cent respectively in the next six months, according to Cushman & Wakefield
- Chinese tourists are not crossing the harbour, preferring to shop and dine on the Kowloon side
The ongoing protests that have expanded to different districts of the city will hurt restaurants, putting further pressure on landlords to cut rents if the demonstrations persist, say industry observers.
In the past six weeks, Hong Kong has been rocked by a series of mass rallies and clashes between protesters and the police, sparked by the now-suspended extradition bill which would have allowed the transfer of fugitives to regions such as mainland China and Taiwan.
This resulted in road closures and transport suspensions almost every weekend to protest sites. These were mostly restricted to Causeway Bay and Central at first, but have since spread beyond Hong Kong Island.
On July 7, a mass rally against the extradition bill was held on Kowloon Island for the first time in the bustling tourist hub of Tsim Sha Tsui. Subsequent rallies on July 13 and 14 sprung up at two towns in the New Territories – Sheung Shui and Sha Tin.
Another march is being planned for this Sunday in Tseung Kwan O, and unless the protesters’ demands for the bill to be withdrawn is met, will unlikely be the last.