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Hong Kong Luxury Shops Sit Empty as Chinese Spending Plunges

Banks and fast food restaurants have taken over spaces once leased to the likes of Omega and Burberry in the iconic shopping destination.
Hong Kong July retail sales rise.
Banks and fast food restaurants have taken over spaces once leased to the likes of Omega and Burberry in the iconic shopping destination. (Getty Images)
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BoF PROFESSIONAL

In Hong Kong’s Tsim Sha Tsui district, the mock-classical 1881 Heritage mall used to lure queues of mainland Chinese tourists eager to shop at boutiques operated by brands such as Tiffany, Cartier and Chopard. Now it attracts neither crowds nor brands. Only three of the more than 30 units at the mall owned by billionaire Li Ka-shing’s CK Asset Holdings Ltd. are occupied, and its colonnaded courtyards are quiet.

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