Hongkong Tongluowan Beat New York Fifth Avenue To Become The World'S Most Expensive Commercial Street.

After five years of absence, Tongluowan, Hongkong, was killed again.

Tongluowan, Hongkong

According to the South China Morning Post, real estate service provider Cushman & Wakefield has released the world's main street report. The Russell street in Tongluowan, Hongkong, has become the most expensive retail location in the world, exceeding the Fifth Avenue in the United States.

Tongluowan ranks first on the annual rent of 2671 US dollars (18536 yuan) per square foot, while the rent for Fifth Avenue in New York is 2250 US dollars per square foot per year (15614 yuan).

London New Bond Street, Paris Champs Elysees street, Milan Mont Napoleon Street are ranked third, fourth and fifth respectively.

It also means the same Starbucks. If you come to Tongluowan, you will make it.

This is the thirtieth year report released by DTZ, which tracks 446 top retail streets in 65 countries in the world, ranking according to the highest rent in the second quarter of 2018.

In fact, New York Fifth Avenue and Hongkong Tongluowan have been competing for the first place for many years. Hongkong Tongluowan had been awarded the title of the most expensive section in the report six times, but last time it was in 2013.

I took the four time first.

Lin Ying Wei, executive director of DTZ and Hongkong business department, said that the revival of Hongkong's retail market was driven by a rebound in the number of tourists in the past year, especially tourists from mainland China.

In the first half of 2018, sales of clocks, jewellery and other items increased, making luxury brands interested in returning to the lot.

But Lin Yingwei also said that in the second half of the year, there were external factors that weakened Hongkong.

The price competitiveness of the fourth quarter will be affected by the market.

Fifth Avenue in New York

Ginza

In an interview with South China Morning Post, Hongkong Sun Hung Kai real estate company said that if the RMB exchange rate further fell, mainland tourists to Hongkong will continue to increase.

In addition, the opening of the Hong Kong Zhuhai Macao Bridge will bring more tourists to Macao in Hongkong.

Since the opening of the Hong Kong Zhuhai Macao Bridge in October 24th, the round-trip bus in Kwun Tong APM shopping mall in Hongkong has been 780 times between Zhuhai and Macao to the shopping mall. More than 25000 passengers have been pported, of which 80% are Macao tourists.

The average expenditure per tourist is 500 to HK $800, and consumption is mainly concentrated in restaurants, cosmetics and personal care.

In fact, the rent of Tongluowan has dropped by 1.5% compared with last year. This year it can topped the list, and the rent of the Fifth Avenue in New York has fallen too much.

In 2017, the rent of Fifth Avenue in New York reached 3000 US dollars per square foot (about 20815 yuan), and this year it dropped 25%, mainly due to the increase of block vacancy rate.

In this year's report, Tokyo's Ginza is second only.

The second most expensive commercial street in Asia, Wangfujing street in Beijing, is the most expensive commercial location in mainland China, ranking eleventh in the world.