Rental income rises for China’s luxury malls
The annual results of the major retail landlords show how much the closure of external borders benefited the luxury brands and retailers selling in China. It is the case for the Hong Kong-based Swire Pacific Group, which owns an array of luxury-oriented Taikoo shopping centers. In the Chinese mainland, it has developed five retail led mixed-use projects in Beijing, Shanghai, Guangzhou and Chengdu. In its Taikoo Hui centre in Guangzhou for instance, retail sales jumped by 36% last year. In the HKRI Taikoo Hui centre in Shanghai, they increased by 15% over the year. In the Sino-Ocean Taikoo Li centre in Chengdu, they grew by 6%. Overall, the Group’s rental income increased by 5% last year to US$320 million.