Financial news
Written by: Lin Leqian
2020-02-20 16:44
Last updated: 2020-02-20 16:45Li Yunlian, chairman of Hysan Development (0014), said that in the face of local social events and the pneumonia epidemic in Wuhan, the group faces the biggest challenge in decades, which is more serious than during the SARS period. The Group will provide tenants with substantial fund rent reductions in February and March to reduce their operating pressure. She pointed out that she had provided assistance to tenants in the second half of last year, and now further reduced rents and exemptions. She believed that the situation could be improved to stimulate consumption and restore the economy to a healthy level.
Sales at its malls fell by 20% in January this year
He Shuren, the chief financial officer, added that last year's retail sales fell by about 11% in the second half of the year, and by about 20% in the second half of the year. Last year, the Group's lease renewal rent still increased. This year, 26% of the retailer's leases will expire. Currently, they are negotiating with the tenants about the leases, and the office lease renewal situation is normal.
He also said that he is cautious about the retail market and believes that Wuhan pneumonia is similar to the SARS period. As long as the epidemic is over, guests ’consumption habits will return to normal and tourists will come to Hong Kong for shopping. The Group is ready to welcome the return of normal market conditions. .
Li Yunlian added that after many years of expansion, many brands may consider integration, especially in the luxury goods, catering industry and shared workplaces. After experiencing social events and pneumonia outbreaks, the integration of the store network will be accelerated, and the Group will strengthen its supporting facilities to retain Brand stores.
Hysan's earnings fell nearly 20% last year, basic earnings rose 2%
Retail market retail stocks Hysan Lee Yunlian
