- The Asia Report
- Top Reads of The Week 4/2/2024
Top Reads of The Week 4/2/2024
I've followed Ronnie Chan's writings over the years as chairman of Hang Lung Properties. He provided good insight into China, given Hang Lung's luxury mall portfolio and commerical properties across the mainland.
In Hang Lung's latest results briefing, Chan mentioned this bear market is far more complicated than previous cycles. He sees structural issues that will take years to resolve.
Despite a strong balance sheet, Hang Lung doesn't plan acquisitions in the next 1-2 years. Chan is cautious amid the uncertain outlook.
I look forward to his final annual letter as chairman as he is retiring and passing the reins to his son. I'll share when it's released.
Top Reads of The Week
China's luxury market is bouncing back with new areas of opportunity
China's luxury market is experiencing a strong recovery after being hit by the pandemic, presenting opportunities in lower-tier cities and a rapidly growing middle class.
Luxury brands are adapting to capture growth by offering more casual styles catering to younger shoppers and utilizing digital innovation like live-streaming and social commerce.
Gen Z, Millennials Are ‘Doom Spending’ to Cope With Economic Uncertainty
Younger generations like Gen Z and millennials are engaging in "doom spending" where they spend more money now rather than save because of pessimism about the future economy and climate change.
This doom spending includes luxury items, experiences, and therapies as a coping mechanism for anxiety over uncertain futures.
Hang Lung’s Ronnie Chan Retires, Son Adriel Named Chairman
After serving as chairman of Hong Kong real estate developer Hang Lung Properties for nearly 40 years, Ronnie Chan has announced his retirement and passed the role to his son, Adriel Chan.
The leadership change marks a generational shift for the company founded in 1960.