JD.com’s rapid expansion in Hong Kong could challenge the property model that has long made the city’s busiest streets and shopping centres its most valuable, analysts say. The Chinese e-commerce giant has invested more than HK$10 billion (US$1.3 billion) in Hong Kong property over the past two years, building a network of stores, warehouses and other assets that analysts said could reduce the importance of footfall for some retailers while increasing the value of logistics hubs and other...