Ongoing protests in Hong Kong have caused some entrepreneurs in the region to focus on developing their business in Macau in a bid to cover mounting losses incurred in the city’s sister SAR.
That was message from Centaline Property’s (Macau) General Manager Pun Chi Meng yesterday, who said at a press conference yesterday that the phenomenon was mostly affecting the retail and restaurant sectors. He explained that some shops and restaurants in Hong Kong have been found their business disrupted by the protests.
“In a short period, we can’t see any improvement in Hong Kong to make the market more peaceful or more stable. Many in the retail sector [in Hong Kong], in this period, face a rather big pressure,” said Pun.
“Investors and retail bosses have started considering how to arrange their businesses in Hong Kong,” said Pun. “Starting from August, our regular customers asked us to visit Macau and have a look at the Macau market, or open more branches in order to explore further business opportunities and enhance operations in Macau to cover losses in Hong Kong.”
“Our colleagues have recorded an increasing number of inquiries from Hong Kong bosses. Some of them paid a visit to Macau to see the shops,” said Pun.
These businesses are from the catering, pharmacy and cosmetic industries.
In the third quarter of this year, commercial rental transactions decreased by approximately 20%. However, non-local businesses inquiring about shops in Macau increased 20% to 30%. According to Centaline, Macau local shops have become “rather cautious” when renting or buying a shop due to external factors.
Centaline believes that an increase in shop rental transactions will surface in the fourth quarter or the beginning of next year.
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