Hong Kong-based property giant Wharf Holdings Limited said its business was severely impacted by the pandemic last year. Harbour City, Wharf’s luxury shopping destination in the city’s Tsim Sha Tsui district, saw last year’s revenues fall 28 percent while profits fell 34 percent year-on-year, owing to poor local demand and falling rents.

Harbour City’s vacancy rate reached 10 percent last year. Brands including Valentino closed their stores at the mall and Louis Vuitton reduced the size of its flagship store.

Last year, retail sales in Hong Kong fell 24.3 percent year-on-year in the wake of the pandemic and local political unrest — the biggest annual drop since records began in 1981. Times Square, another shopping mall owned by the group, reported a 22 percent drop in revenues and 30 percent drop in profits, alongside a 7 percent vacancy rate. According to the South China Morning Post, Louis Vuitton and Fendi closed their Times Square stores following a rent row with Wharf.