…s week. The property consultancy added that, “with vacancy rates of street shops keep rising, shop rentals are expected to shrink further, which could be faster than the drop in retail sales.” The overseas firm said that it expects the COVID-19 pandemic to have a long-term impact on Hong Kong’s retail scene, which will require a lengthy recovery. Knight Frank made its prediction after Hong Kong retail sales plummeted 21.4 percent in value during J…
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Causeway Bay Shop Sold at 73% Loss as Virus Wave Menaces Hong Kong
…’s retail property market is bracing for turbulent times as a street front shop in the world’s most expensive shopping district was sold at a 73 percent loss. According to Land Registry records cited by the Hong Kong Economic Times, the 244 square foot (23 square meter) shop in Causeway Bay was sold for HK$5 million ($650,000) earlier this month, or around HK$20,500 per square foot. That price was just over a quarter of the HK$18.74 million which…
Hong Kong’s Billionaire Shop King Sued for HK$12M in Back Rent
…year lease on the 49-room hotel just steps away from Wharf’s Harbour City shopping mall and Sun Hung Kai’s Elements in Kowloon in February of 2019, as the Shop King’s youngest son set out to build his own hotel chain just before social unrest, and later the coronavirus pandemic, began driving down visitor numbers in Hong Kong. Without guests to pay for hotel rooms in his son’s hostelries, the elder Tang has since the beginning of this year put up…
Wanda Takes Aim at O2O Prize with Buy of Online Payment Provider
…e PayPal look-alike, Wanda is hoping to turn the transformational force of online shopping into a complement to its array of offline shopping centres, rather than a potentially destructive force. Wang Jianlin Ready to Spend on Ecommerce Now that his company is cashed-up following its IPO last week, Dalian Wanda chairman Wang Jianlin appears to be placing ecommerce near the top of his to-do list. While the cost of the acquisition of 99Bill (which i…
Hong Kong Shop King’s Family Buys Wan Chai Hotel for $58M
…the Wan Chai and Causeway Bay MTR stations and a few blocks west of prime shopping destination Times Square Hong Kong. The 23-storey building includes a ground-floor shop leased out to cafe chain Pacific Coffee through June 2018. Hotel Bonaparte in Wan Chai changed hands for $57.5 million The hotel was opened in 2008, after conversion of the building, and renovated in 2011. Hotel Bonaparte is reported to average 98 percent occupancy, with an aver…
Swatch Scores 53% Discount on Central Shop Space as HK Retail Rents Plunge
…g HK$1.4 million ($179,300) per month (HK$350 per square foot) to rent two shops covering some 4,000 square feet (372 square metres) in the Central Building on Hong Kong’s Pedder Street, according to an account this week in the Hong Kong Economic Times. The new lease on the subterranean shopping space marks a rent reduction of more than 53 percent from the HK$3 million (around $384,200) per month that fashion brand Hugo Boss was paying for the sam…
Heir to HK’s Shop King to Redevelop Industrial Building in JV with Chinese Estates
…ers including CK Assets and New World Development, the heir of the city’s “shop king” Tang Shing-bor is building on a relationship with a HKEX-listed developer first forged by his 83-year-old father. Stan Group, chaired by Tang Shing-bor’s youngest son Stan Tang, has entered a joint venture with tycoon Joseph Lau’s Chinese Estates to redevelop an industrial building in Tsuen Wan, the New Territories. Stan Group announced Monday that it is taking a…
McDonald’s Puts Kowloon Shop on the Market for HK$1B and More Asia Real Estate News
…The US fast food giant McDonald’s is seeking to sell a prime street level shop in Hong Kong worth HK$1 billion ($127.4 million), 15 times the HK$66 million it paid 30 years ago, but property agents say that very few investors will be willing to make such a huge investment in the current economic environment. McDonald’s is seeking tenders for a 4,260-square foot shop (396 square metres) at Star House on Salisbury Road in Tsim Sha Tsui, currently o…
Hong Kong’s Shop King Wins Retail Assets From Unlucky Gambler
…on comes after five months of protests have slowed business for the city’s shopkeepers with sales receipts for September — the most recent figures available — dropping 18.3 percent compared with the same month last year. Selling Up As MGM Turns Up the Heat According to the HKET, Tang is buying the retail units from the chairman of online TV channel HKBC, Thomas Cheung, who is also the son-in-law of Grace Foo, matriarch of property developer Soundw…
Shop in Central Sells for 50% Off and More Hong Kong Real Estate Headlines
…g the fourth quarter. Central Retail Unit Sells for 50% Off A street front shop in Central has changed hands for HK$15 million ($1.9 million) after the seller lowered the price 50 percent from the original target, according to a local media report this week. Perfect Land Investment Limited sold the 420 square foot (39 square metre) ground floor unit at 18A – 18B Peel Street for the equivalent of or HK$35,700 per square foot. The company had origin…
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