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World’s Most Expensive Retail Rents Tumble to Decade Low in Hong Kong

Rents in three of the city’s prime shopping areas are near the lowest in more than a decade in the wake of 2019′s anti-government demonstrations and some of the world’s strictest Covid-19 travel restrictions.
Causeway Bay Retail Area As Virus Scare Empties Malls
People wearing protective masks ride on escalators at the Times Square shopping mall, operated by Wharf Holdings Ltd., in the Causeway Bay district of Hong Kong in February, 2020. Getty Images. (Bloomberg)

Landlords in Hong Kong’s priciest retail strips are facing a wake-up call: the days of leasing stores for $1 million a month are over.

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