New entrants steady Hong Kong retail property sector in absence of luxury giants

Taiwanese brand Nap Tea drew long lines when it opened its first Hong Kong store in Mong Kok in February. The chain has since expanded aggressively, opening its ninth outlet in the city this month. “What truly surprised us was our breakthrough in quickly building a loyal base of repeat customers,” said co-founder Dan Lin. “Rent is indeed a major challenge in the Hong Kong market, but it proves that as long as the product is strong enough, it can overcome the pressure of high costs.” Co-founded...