According to the Zhitong Finance App, Sunshine Real Estate Fund (00435) released operating data for the first quarter of the 2022/23 fiscal year. On September 30, 2022, the tenancy rate of the Sunshine Real Estate Foundation property portfolio was 93.2% (2022/6/30:94.7%), while the leasing rates of office buildings and retail property portfolios were 93.5% and 92.4% respectively (2022/6/30:94.8% and 94.5%). The current rent of the Sunshine Real Estate Foundation property portfolio fell slightly to HK$44.9 per square foot (June 30, 2022: HK$45.4 per square foot). In the review quarter, the office and retail property portfolios achieved negative increases in renewal rents of 4.4% and 8.3% respectively, indicating that the economic climate is still weak due to rising interest rates and the continuation of the pandemic.

In terms of the operating performance of major office properties, the occupancy rate of Dah Sing Financial Centre remained stable at 91.3%, while the current rent was HK$42.3 per square foot. However, as some multinational tenants do not renew their leases after their leases expire, their vacancy rate is expected to rise before the end of 2022. Meanwhile, the overall Sheung Wan/Central office property portfolio achieved a satisfactory tenancy rate on September 30, 2022, but the performance of Yunshan Tower property was affected by high vacancy rates and fierce competition in neighboring regions. On the other hand, as a dessert shop moved into the Fengyi Centre, its occupancy rate and current rent steadily improved.

As for shopping malls, there has been a decline in the tenancy rate of the first phase of the property in Metropolis, mainly due to the simultaneous termination of several leases to facilitate the renovation project that began in September 2022. On the other hand, the occupancy rate of the shopping mall in Sheung Shui Centre fell back to 91.0%, and its current rent fell moderately to HK$99.2 per square foot.