It is reported that the H&M flagship store in Causeway Bay has been snatched for HKD 1.2 million by Long Fung. The owner, HANG LUNG, declined to comment

Market news indicates that the four-story, 46,000 square feet flagship store of the fast fashion brand "H&M" at 20 Paterson Street, Causeway Bay, leased from HANG LUNG PPT (00101.HK), may be at risk of losing its lease. The ground floor portion, covering 10,000 square feet, is being targeted for sublease by Longfeng Group, which is currently applying for an IPO, with a monthly rent estimated to exceed HKD 1.2 million, averaging about HKD 120 per square foot. The news estimates that the remaining areas (basement, 1st floor, and 2nd floor) may gradually be leased out.

HANG LUNG PPT responded to local media inquiries by stating that they do not comment on individual leases.

H&M began leasing part of the four floors of HANG LUNG Center at a high price of HKD 10 million per month during the peak of the retail market in 2013, totaling 46,000 square feet, and was once the largest flagship store in Asia. In 2019 and 2021, there were reports that H&M planned to terminate the lease, but HANG LUNG indicated at the time that the lease still had several years remaining.

Reports indicate that H&M has significantly reduced the number of stores since 2021. At the beginning of 2021, there were 13 stores in Hong Kong, but now only 3 remain, a reduction of nearly 80%, with only one store each retained in Hong Kong, Kowloon, and the New Territories (Causeway Bay, Festival Walk, and Tsuen Wan Plaza)