Complex sentence: In the Phantom he no longer has this address, as he has been living in Hong Kong for three years Close by is his favourite "watering hole", Restaurant Schrøder (or Schrøder's for short).
Split into simpler sentences: In the Phantom he no longer has this address, as he has been living in Hong Kong for three years. Near his place of residence is his favourite "watering hole", Restaurant Schrøder (or Schrøder's for short).