Many mainland tourists visit Sino Land's tmtplaza in Tuen Mun. Photo: Sino Land
Shopping malls not hit by weeks of protests, say developers
Property developers say shopping malls have not been adversely affected by the four weeks of democratic protests, the Hong Kong Economic Journal, the parent publication of ejinsight.com, reported Friday.
The number of shoppers and their spending remain stable at the malls of Sino Land Co. Ltd. (00083.HK), said executive director Daryl Ng Win-kong.
Ng’s father, Robert Ng Chee-siong, chairman of the company, meanwhile, said he will continue to invest in the city.
He is not worried about the impact of the Umbrella Movement on investor confidence in Hong Kong.
“What happened over the past few days doesn’t mean forever,” said Robert Ng.
“Obviously it is something expected and people had been thinking about when Occupy Central would take place over the past year,” he said.
The developer snapped up two key redevelopment projects in Kwun Tong and Fanling in September.
“Our budget for the project in Kwun Tong is huge,” he said.
Hysan Development Co. Ltd. (00014.HK) also said its three shopping centers in Causeway Bay had not been impacted by the Occupy movement.
Although some shops have adjusted their operating hours, no tenants have complained that the protests affected their business, the developer said.
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Sino Land chairman Robert Ng (left), seen here with his son Daryl Ng, says he takes the MTR to work every day amid the Occupy protests and ‘the atmosphere in Hong Kong in fact is very good’. Photo: HKEJ
http://www.ejinsight.com/20141024-shopping-malls-not-hit-by-weeks-of-protest/
