Causeway Bay

New York's Fifth Avenue ended its 11-year run as the world's most expensive retail area, dethroned by Hong Kong's Causeway Bay, according to a survey by real estate services company Cushman & Wakefield.The average retail real estate rent in the Causeway...

Retailers from Forever 21 to Gap have rushed to Hong Kong to reach the 28 million Chinese tourists passing through last year. To do so, they're paying some of the world's highest rents. Hong Kong retail rents, which rose 32 percent in prime locations last year according to Savills Plc estimates, may climb more even as global economies and property markets slow.

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