Magazine article Screen International

Hong Kong Cinema Squeezed out by High Rents

Magazine article Screen International

Hong Kong Cinema Squeezed out by High Rents

Article excerpt

One of Hong Kong exhibitor UA Cinemas' flagship multiplexes closed its doors yesterday (Jan 31) after losing its rental lease on the ground floor of the busy Times Square shopping mall.

Its understood that Lark International Group, which operated the cinema, was outbid on the lease by a luxury brand retailer.

Hong Kong is currently in the midst of a property boom which is sending commercial rents soaring to record levels. At the same time, luxury brand retailers are flourishing due to an influx of big-spending mainland Chinese tourists.

The UA Cinemas site, in the heart of the busy Causeway Bay shopping district, was shut down after 18 years of operation. On its last day, it offered tickets at a symbolic pre-sale discount price of HK$18 (US$2. …

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