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Hang Lung taking cautious approach

Both the Hong Kong and Mainland China retail markets will continue to be weak for the foreseeable future, says Hang Lung Properties chairman Ronnie Chan-Kai-chung.
Eventually the markets will rise again, “but just not in the foreseeable future,” he said after the property development company’s shareholders’ meeting.
In the sagging Chinese retail market, even luxury brands are cutting prices, with Italian fashion house Valentino announcing this week that it is cutting prices by 8 to 18 per cent in Asia.
Chan says a weakening market implies caution about investing in the mainland, and the group will focus on 60 to 70 second-tier cities, especially office and mall projects.

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