COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Drop in visitor arrivals narrowed to just 2.1%

But retail sales still dipped by 5%.

The inbound tourism market continued to show signs of improvement, with the decline in total visitor arrivals narrowing to 2.1% y-o-y in November from 2.4% y-o-y in October, according to JLL.

Despite a sharper 7.6% y-o-y drop in Individual Visit Scheme visitors, mainland Chinese arrivals slid at the same pace as last month, down 3.5% y-o-y.

Here's more from JLL:

Retail sales declined by 5.5% y-o-y in November, weighed down by a 14.4% yo-y drop in jewellery & watch sales.

A shop (4,872 sq ft) at 40-42 Yun Ping Road in Causeway Bay was reportedly leased to Elegant Watch & Jewellery for a monthly rent of around HKD 1.2 million, about 52% less than the previous tenant Chow Sang Sang.

A 840-sq ft street shop at 27-33 Nathan Road in Tsimshatsui, currently leased to Colourmix, was sold for HKD 176 million (HKD 209,524 per sq ft), representing an initial yield of about 3.3%. 

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