WANGFUJING in Beijing climbed one notch to become the 19th most expensive shopping location in the world while Hong Kong’s Causeway Bay stayed as the second most expensive global shopping site, Cushman & Wakefield said in its annual report, Main Streets Across the World. Wangfujing in Beijing saw its rent rise 26.3 percent year on year to US$8.01 per square meter per day. Rents in Hong Kong’s Causeway Bay grew 7.5 percent year on year to US$36.27 per square meter per day. In Shanghai, both Huaihai Road and Nanjing Road climbed rapidly - 3.4 percent and 17.8 percent respectively. “In China, record retail sales growth - 18 percent year on year in October - is continuing to drive international retailers’ aggressive expansion not only in Shanghai and Beijing, but now into provincial capitals such as Chengdu (Sichuan Province). Of course, the run-up to the 2008 Olympic Games has fueled even more leasing and development activities in Beijing,” said Richard Middleton, executive managing director for China at Cushman & Wakefield, a global real estate consultant.

Source: Shanghai Daily: Rents continue to rise in Asia as retailers go on ‘aggressive’ drive