Laopu Gold deepens Hong Kong footprint with entire-floor lease at Central tower: sources

Beijing-based jeweller Laopu Gold has leased an entire mid-floor at One Exchange Square in Central to support its global expansion, according to two sources familiar with the matter.

The brand was taking around 13,000 square feet at the flagship Central tower, which houses Hong Kong Exchanges and Clearing (HKEX), one source said.

The deal comes as mainland consumer firms and financial institutions increasingly anchor their presence in Hong Kong’s core business district.

Recent transactions on the 36th floor of the same building fetched monthly rents of some HK$1.69 million (US$215,000), according to Centaline Property Agency data.

Property consultancy firm JLL concluded the Laopu Gold deal, a source said. The jeweller and the landlord, Hongkong Land, both declined to comment.

Established in 2016 and renowned for its handcrafted heritage pieces, Laopu Gold has emerged as a rare winner amid China’s consumer slowdown, benefiting from demand for gold as a safe-haven asset.

Its stock price has surged more than tenfold since its 2024 Hong Kong listing, making it one of the exchange’s best performers and drawing strong investor interest.

The office expansion aligns with aggressive overseas plans outlined by founder and chairman Xu Gaoming during the company’s August 26 interim results presentation, where he vowed to open flagship stores in the United States, Canada and France in 2027.

Many Chinese financial institutions and major consumer brands have tended to establish large office operations in Central or Admiralty after listing in Hong Kong to enhance their brand image and attract international talent

The move comes despite broader industry headwinds. A 30 per cent decline in China’s gold and jewellery consumption in the first half of 2026 and a sharp correction in international gold prices weighed on the group’s second-quarter performance, although Xu insisted Laopu faced “no earnings pressure”.

The brand already operates three high-performing Hong Kong boutiques, including a flagship store at IFC in Central and outlets at Harbour City and on Canton Road, Tsim Sha Tsui, which routinely draw long queues.

“Many Chinese financial institutions and major consumer brands have tended to establish large office operations in Central or Admiralty after listing in Hong Kong to enhance their brand image and attract international talent,” said Alex Lam, executive director and head of Hong Kong Island office services at property consultant Colliers.

Lam said in a statement on September 28 that HKEX’s transition from tenant to owner through its HK$6.3 billion purchase of its permanent headquarters in April last year showed its commitment to Central.

Laopu Gold’s lease underscores a flight-to-quality trend driving Central’s office market.

Prime Central and greater Central office leasing activity was up 16 per cent this year as of the third quarter, outpacing growth of 6.1 per cent across the overall office market, according to data from property consultant Cushman & Wakefield. Occupancy at landmark towers like One IFC and The Henderson exceeded 90 per cent.