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Rental growth seen to drive up HK property companies’ earnings – Retail in Asia

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Rental growth seen to drive up HK property companies’ earnings

Annual earnings by Hong Kong property companies are expected to benefit from strong growth in office and retail rents in 2011.

Research by property consultant DTZ showed that the improved business environment encouraged strong rental growth in recent years, and office rents in all districts in the third quarter of last year topped their previous market peak in the second quarter of 2008. Office rents in Central and Admiralty in the fourth quarter of 2011 were up 14.3 percent from the year-earlier period.

The retail market has even outperformed the office market, thanks to the influx of big-spending mainland tourists. The Hong Kong Tourism Board says the number of mainland tourist arrivals increased 23.9 percent to about 28.1 million in 2011.

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