Hongkong Land announced a more than $1 billion, three-year investment in ultra-luxury retail within Hong Kong’s Central business district, with $400 million from the developer and $600 million from tenants. The investment will create 10 maison destinations featuring luxury brands like Sotheby’s, Cartier, Tiffany & Co, and Louis Vuitton. Despite a challenging retail and office market with high vacancy rates, Hongkong Land’s Very Important Customer group, contributing around 80% of its luxury retail sales, has shown increased spending. The company plans to convert lower-floor offices in two towers to accommodate these luxury retail spaces, aiming for stronger retail income by 2028. Additionally, Hongkong Land plans to open 10 retail developments across seven Chinese cities within five years.