Wharf Reic, the owner of Harbour City and Times Square malls, said it would undertake promotional activities to get residents and tourists to loosen their purse strings after recording a slightly lower profit last year.
Net profit slipped 3 per cent to just over HK$6 billion (US$767.3 million) despite a 7 per cent jump in revenue to HK$13.3 billion.
The company’s net debt fell to HK$36.3 billion, the lowest since its listing in 2017.
“The group shall enhance tenant offerings and promotional activities in collaboration with the government’s campaigns to stimulate tourists’ and locals’ spending amid competition,” Wharf Reic said in a filing to the Hong Kong stock exchange on Thursday. “Through the joint efforts, Hong Kong will navigate and overcome the present headwinds together.”
The city’s retail segment is unlikely to see significant upside this year, with the Hong Kong Tourism Board forecasting 46…
