What: Since January 2021, K11 mall properties in Hong Kong and mainland China have delivered a “strong” performance with cumulative sales surging 81% in the year-to-date, compared with the same period last year.

Why it is important: In the first half of the fiscal year ending on December 31, 2020, Shanghai’s K11 was among the best-performing, with a sales growth rate of 37%, hitting highs unseen since its opening in 2013.

This good news was tempered by bad, as New World’s flagship Hong Kong property, K11 Musea, has been forced to temporarily close this week, after a Covid-19 outbreak was linked to one of its restaurants. It’s expected to re-open on 5 March.

But even in Hong Kong, where retail sales have been on a losing streak for almost two years, dropping by up to 44%, Adrian Cheng, executive vice-chairman and chief executive of New World is “very optimistic that Hong Kong’s economy will recover gradually as more and more Hong Kong residents are vaccinated.”

Sales surge 81% at China’s K11 malls