November 20, 2014 / 12:05 AM / 3 years ago

Fitch: HK Landlords Face Weak Luxury Sales, Stable Office Demand

(The following statement was released by the rating agency) HONG KONG, November 19 (Fitch) Fitch Ratings says in a new report released today that luxury retail sales in Hong Kong will continue to soften, leading to a negative outlook to the Hong Kong retail property sector in 2015. Fitch believes that rents for street shops in prime areas will continue to correct, while shopping mall rents are likely to be supported by local consumption and will be less affected. Fitch expects office rents to remain stable in view of continued leasing demand from Chinese corporations and limited new office supply in Central. The stable rating outlook reflects Fitch's opinion that landlords in Hong Kong have well-established leasing portfolios, balanced tenant mixes and low leverage levels, which will support their ratings amid Fitch's negative outlook for Hong Kong's retail property sector in 2015. The full report "2015 Outlook: Hong Kong Commercial Property" is available at www.fitchratings.com or clicking on the link above. Contact: Alex Choi Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 28th Floor, Two Lippo Centre 89 Queensway, Hong Kong Vanessa Chan Director +852 2263 9559 Kalai Pillay Senior Director +65 6796 7221 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable Criteria and Related Research: 2015 Outlook: Hong Kong Commercial Property here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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