The outflow of consumer spending abroad has led to weak sales performance among mall tenants, putting pressure on occupancy rates and rents. The Times Square properties, in particular, are facing greater challenges due to their smaller size and older decor.

Luxury brand retailers in Guangzhou and Chengdu continue to show strong demand for retail space, while fashion, sports, cosmetics, lifestyle, and F&B brands in Shanghai and Beijing are expected to maintain steady demand for retail space.

According to statistics from Luxeplace.com, from January 2023 to July 2024, the Luxe.CO Luxury Stock Index decreased from 249.1 to 226.7, a decline of 9.0%. Contrary to many expectations, the global luxury market did not experience a resurgence.

In the first half of the year, Hang Lung Properties’ overall rental income and tenant sales in the Chinese Mainland decreased by 3% and 13%, respectively, when measured in RMB.

In 2024, the group plans to open approximately 16 new shopping centers in Beijing, Shenzhen, Nanjing, Xi’an, Changsha, Zhengzhou, and other locations. It is estimated that by the end of 2027, the number of operational shopping centers will increase to 117.

CapitaLand Manages Over 300 Projects in More Than 40 Cities in China, Including Famous Retail Commercial Projects Like Raffles City, CapitaLand Mall, and CapitaLand Plaza