Recovering Retail Sales May Have Muted Impact on Wharf Real Estate Investment Earnings
The Hong Kong retail environment continued to recover in 2018. Through May of this year, the latest month for which the data is available, retail sales grew 14% while tourist arrivals were up 10%. Wharf Real Estate Investment Co, or WREIC, a proxy to the city's retail, has seen impressive retail sales growth of 37% and 23% at its key assets Harbour City and Time Square during the first quarter of the year. Retail sales at the company's key assets tend to be more volatile given their large share ...Wharf Real Estate Investment Company Ltd. WHARF REAL ESTATE INVESTMENT COMPANY LIMITED is a company principally engaged in the investment and operation of properties. The Company's Harbour City is a mixed-use integrated complex with retail and office premises, serviced apartments, hotels and a club. Strategically located at the harbour front in Tsim Sha Tsui, it includes one of the largest shopping malls in Hong Kong with a contiguous mall, drawing shoppers and tourists to its entertainment, dining and hotel components. The Company's Times Square is a mixed-use integrated complex which is directly connected to the MTR station in Causeway Bay, with retail and office premises which house 16 levels of shopping mall, and housed international brands and other retailers, 20 restaurants and a cinema. The Company's main revenue is rental income from investment properties.
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