There was a time when Hong Kong’s retail landlords looked untouchable. If you wanted a dependable income, you would buy shares in the city’s leading real estate investment trusts (Reits), the steady dividend machines of a service economy built on foot traffic, routine and the long-held assumption that Hongkongers would always shop.
These companies were the unshakeable pillars of everyday commerce. They prospered not because the economy was roaring, but because consumers kept showing up.
That era…
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Why this is not just another retail downturn for Hong Kong
