China and Hong Kong Macau Landlords

Asia-Pacific Prada: China economic slowdown is hurting the two shopping hubs, forcing several luxury brands to close shops or at least attempt to lower sky-high rents – with little luck so far, according to Euro News. Like our competitors we’ve started re-negotiating rents for shops in weak spots such as Hong Kong and Macau but landlords are not being very receptive, they’re rather rigid, Prada Chairman Carlo Mazzi told Reuters in an interview in Milan. However, the Hong Kong-listed group does not plan to shut stores in China, which accounts for more than a fifth of its global sales and has been hit by a rout in stock markets and last month surprise devaluation of the yuan. China has gone from being an El Dorado to being an interesting market. Asia-Pacific is Prada biggest market, representing 36 percent of total revenues. We believe it can return to be a fairly good market but it hard to say how long it’ll take, he said. (news.financializer.com). As reported in the news.