The rental values of some shops on Canton Road in Tsim Sha Tsui and Russell Street in Causeway Bay fell 50 and over 30 percent respectively year on year, according to latest data from the Rating and Valuation Department.

Shop 8 on the ground floor of 2A Canton Road - the 1881 Heritage complex - saw its rateable value slump about 50.8 percent yearly to HK$21.4 million for the financial year 2023-24. That was a dive of around 80 percent from the peak of above HK$100 million before the pandemic. And a commercial store on the ground floor at 116 Canton Road had a rental value of HK$3.6 million, dipping by about 30.2 percent from 12 months ago.

Falls were also seen in shops in Causeway Bay, where rents were once the highest in the world. Shop C on the ground floor at 38 Russell Street saw its rental value fall for a fourth consecutive year to HK$3.54 million, down by 33.7 percent from a year ago and 74 percent from the pre-pandemic level in 2019. Also, the rental value of shop B6 on the ground floor at 59 Russell Street had a decline for the sixth year in a row to HK$1.49 million, losing 66.5 percent from the pre-pandemic level.

All values were reviewed in the open market last October after the retail sector was hit by the fifth wave of the Covid pandemic. But rental values of shops in popular tourist areas could rebound following the reopening border between Hong Kong and the mainland in January.

Meanwhile, the NCB Innovation Centre in Cheung Sha Wan from New World Development (0017) reportedly saw a buyer purchase a batch of high-rise units for nearly HK$240 million, the largest transaction in a Class A building after the border reopening.