Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday.announced a more than $1 billion, three-year investment in ultra-luxury retail in the heart of the city's financial district on Wednesday. The commercial property developer, which is 53.
The expansion plan comes against a backdrop of overall sliding retail and office markets in Hong Kong, where vacancy rates are at record high levels. "We clearly believe in the ability in the luxury retail market in Hong Kong," said Alexander Li, Hong Kong & Macau chief retail officer of the company.
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