
Cinemas in Hong Kong on the Brink: Landlords Slash Rents to Save Iconic Spaces
2025-07-02
Author: Chun
A Cinema Crisis Unfolds
As the allure of online streaming eats away at the film-going experience, Hong Kong's once-thriving cinemas are facing an unprecedented crisis. The pandemic backdrop, paired with a barren box office due to a lack of Hollywood blockbusters, has led to the shuttering of 35 cinemas over the past six years—some repurposed for other uses, leaving eight cinemas sitting empty, begging for revival.
Rental Rates Plummet in Response to Closure Wave
In a dramatic shift reflecting this struggle, rental prices for cinema spaces are crashing. Take the Langham Place Cinema, for instance: It once commanded a staggering HK$5.77 million in monthly rent before closing. Now, even under the Broadway Circuit's management, the rent has dipped to below HK$5 million, still making it one of the costliest leases in the city. In another instance, the former MCL Cinema in Kornhill Plaza saw its rental fees plummet from HK$1.61 million to HK$0.5 million after transforming into an indoor children's playground.
Operators Choose Empty Properties Over Reopening
Surprisingly, some cinema operators would rather keep their doors closed than reopen, even incurring losses on rent. The recent closure of the MCL Cinema in Taikoo Shing on May 28 sparked rumors that it would soon be replaced by a parent-child amusement center, underlining the challenges and transformations occurring in the industry.
Landlord Strategies: Lowering Rents to Draw Foot Traffic
Facing empty and costly spaces, landlords have resorted to drastically slashing rents to attract foot traffic. For example, Kornhill Plaza’s MCL Cinema didn’t just close; it’s now a vibrant amusement center named Kiztopia, with rents at HK$0.5 million per month—a jaw-dropping 70% drop from the original rate. Meanwhile, cinemas that aren't burdened by heavy rent are still opting for closure. The President Theatre in Causeway Bay, operated by Newport Circuit, has stood vacant for a year after its management decided to shutter despite having a manageable financial burden.
Innovative Solutions and Industry Challenges
As the landscape shifts, cinema chains are scrambling for creative solutions to stay afloat. Some have begun broadcasting live sports and overseas concerts to attract audiences and boost revenue streams. Others have embraced the concept of “unmanned cinemas” to cut operational costs. Yet, Tin Kai-man from the Federation of Hong Kong Film Workers notes these measures are often inconsistent and require specific licensing, failing to establish a steady income. "The crucial factor for cinemas remains the screening of films," he asserted.
A Call for Collective Reform and Innovation
In light of these dire circumstances, Tin has floated the idea of distinguishing between 'cinema versions' and 'streaming versions' of local films, catering to specific audiences at theaters. As discussions unfold, there's hope for industry-wide reform that could potentially breathe new life into a beleaguered cinematic landscape.