‘Sheer delusion’ for Hong Kong landlords to refuse to cut rents: CY Leung

Former Hong Kong leader Leung Chun-ying has challenged landlords to “adjust their mentality” over rental yields as he renewed his call for price cuts to stem a 40-year-high vacancy rate for commercial properties from rising further amid a slackening economy.

Leung, now a top political adviser to the country, also warned that landlords would be harmed in the end if they refused to budge on lowering rents.

“It is sheer self-delusion if landlords think they can get the rent level they want by leaving the premises vacant and waiting [instead of cutting the rents],” Leung said on Saturday.

Leung, now a vice-chairman of the Chinese People’s Political Consultative Conference and state leader, weighed in on the debate over Hong Kong’s commercial rents last week after a government report showed that, by the end of 2024, the total vacant floor area of private commercial buildings had reached 1.4 million square metres.

The empty space represented a vacancy rate of 11.8 per cent – a record high for the past 40 years.

The economic slowdown has also resulted in a string of high-profile shutdowns of established restaurants in recent months, with some citing high rents as a reason.

Source link

Visited 1 times, 1 visit(s) today

Related Article

Inherited Sports lead project officer Gaha Tushal. Photo: Jonathan Wong

Hong Kong enterprise’s mission to help ethnic minority groups through sport

A Hong Kong social enterprise is on a mission to help the city’s ethnic minority groups build a career in sports, while also offering culturally and religiously sensitive programmes. Inherited Sports supports ethnic minority communities by helping them qualify as coaches, opening up job opportunities and broadening career prospects. The group has helped 11 men

No 1 typhoon signal to stay in effect on Saturday as hot weather grips Hong Kong

No 1 typhoon signal to stay in effect on Saturday as hot weather grips Hong Kong

This story has been made freely available as a public service to our readers. Please consider supporting SCMP’s journalism by subscribing. New users who download our updated app get a seven-day free trial. Typhoon signal No 1 will remain in force on Saturday, Hong Kong’s weather forecaster said, adding the chance of issuing a higher

Hong Kong wants more visitors? Hook them with great food, Cantopop and Bruce Lee

Hong Kong wants more visitors? Hook them with great food, Cantopop and Bruce Lee

In the second of a two-part series on Hong Kong’s efforts to boost its tourism industry, the Post takes a look at other attractions the city can offer beyond the nine hotspot products the government has floated. Read part one here. Even as Hong Kong has kick-started efforts to promote nine “tourism hotspots” identified by

Hong Kong op nets $9.1m in counterfeit goods

Hong Kong op nets $9.1m in counterfeit goods

A four-week enforcement action by Hong Kong customs – codenamed ‘Ocean Shield’ – has resulted in the seizure of 157,000 suspected counterfeits with an estimated value of HKD 72m (around $9.1m). The operation, which focused on cross-boundary transshipments by sea cargo and local deliveries, was directed mainly at 30 logistics companies in Kwai Chung, Tin

Kung fu choreographer Tang Chia and Suet Nei were seen as a model couple in the business. Photo: Handout

Hong Kong mourns loss of 2 stars of film and television, Chow Chung and Suet Nei

Hong Kong is mourning the loss of two beloved film stars, Chow Chung and Suet Nei. Chow, known in recent decades for his roles as a “lovable old gentleman” in many local productions, died from pneumonia at the age of 92 on Friday, according to friends. Suet Nei’s family, meanwhile, said the actress, 77, succumbed

Number of semi-private schools seeking fee increases falls by 26% in Hong Kong

Number of semi-private schools seeking fee increases falls by 26% in Hong Kong

The number of Hong Kong semi-private schools applying for a tuition fee increase has dropped by more than a quarter against a year ago, with the sector attributing the decline partially to the sluggish economy. A spokesman for the Education Bureau said on Friday that as of June it had received 40 applications from schools

China releases three US citizens in rare prisoner swap

China’s first domestically built aircraft carrier visits Hong Kong in show of power

Published on 04/07/2025 – 13:26 GMT+2 ADVERTISEMENT China’s first domestically built aircraft carrier, the Shandong, docked in Hong Kong on Thursday as part of Beijing’s campaign to boost patriotism, just days after the territory marked the 28th anniversary of its handover from British to Chinese sovereignty. Escorted by a vessel from its strike group, the

0
Would love your thoughts, please comment.x
()
x