HK to retain No 1 shopping spot: report

Hong Kong will remain the top shopping destination for mainland tourists over the coming years, thanks to its competitive advantages, Jones Lang LaSalle said in a report.

In its latest white paper on the city's retail sector released on Tuesday, the property agency said Hong Kong's broader spectrum of products as well as competitive prices will continue to attract mainland tourists to the city over the coming years despite some retailers experiencing a sales growth slowdown since the second quarter this year.

The city's status as the most popular travel destination for mainland tourist is unlikely to be supplanted after data showed that it is a choice of over 40 percent of total outbound mainland tourists in 2011, according to Jones Lang LaSalle.

Hong Kong, a real tax heaven for international goods, provides more options and earlier availability as well as genuine goods guarantee to shopping enthusiasts, particularly those from the mainland where luxury goods are generally more expensive due to various taxes, said Marcos Chan, Greater Pearl River Delta head of research with Jones Lang LaSalle.

"On top of the city's retail market attractions, the strong yuan these days also gives a natural discount of about 20 percent for mainland shoppers," Chan told at a media briefing in Hong Kong on Tuesday.

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