Loss-making Hong Kong Disneyland faced a harder year in 2017
Leading today’s Hong Kong real estate news, Mickey Mouse may start singing the blues after his Hong Kong playground recorded a loss of $44 million last year. Also in the headlines, an Italian lingerie brand faces a DD-sized debt default in Causeway Bay, and Sino Land said it will put 2,000 homes on the market in the Year of Dog. All these stories and more await you, if you just keep reading.
Hong Kong Disneyland Loss Doubles in 2017 to HK$345M
Hong Kong Disneyland Resort has lost more of its magic, with its financial deficit doubling to over HK$345 million ($44.1 million) last year.
The Lantau Island theme park, in which the Hong Kong government is the controlling shareholder, reported on Tuesday a third consecutive year of losses. The deficit in 2016 stood at HK$171 million ($22 million). Executive vice-president and managing director Samuel Lau said park expansion, asset depreciation and higher operating costs ate into Disneyland’s balance sheet for the year ending September 30. Read more>>
Italian Lingerie Brand La Perla Faces Eviction Over HK$9M Rent Default
Italian luxury lingerie brand La Perla faces eviction from its flagship Hong Kong site in Causeway Bay after its landlord claimed the firm failed to pay HK$9.21 million (US$1.18 million) in rent despite repeated demands.
Solicitors for Century Creations said in a writ filed to the High Court last week that La Perla Far East had failed to pay rent for two months on the five-storey store opposite Times Square on Russell Street. The company also paid December’s rent late, the landlord said. Read more>>
Strata-Titled Kwun Tong Unit Sells For HK$187M
An entire floor and a set of four car parking spaces in Rykadan Capital Tower, located at 135 Hoi Bun Road, Kwun Tong is being put on the market at an asking price of HK$187 million ($24 million). The floor is 12,090 square feet with over 30 individual working cubicles.
The unit is not leased at the moment. The owner of the property spent HK$10 million ($1.3 million) for refurbishment. The floor is equipped with 24 hours air-conditioning, said Centaline Property, broker for the asset. Read more>>
Sino Land Puts 2000 Units In The New Chinese Year
Sino Land will put 2,000 units on the market from its unnamed Kwun Tong project during the Year of Dog, as well as rolling out 550 flats in Tai Po and another 100 units in Sham Shui Po. The company’s sales plan projects total turnover of 2,650 flats for the year, says associate director of sales Victor Tin Siu-yuen.
Tin also said the company will put three special units from The Palazzo in Sha Tin up for sale. They are sized at about 2,000 square feet to 3,000 square feet. Meanwhile, two units from the Mount Nicholson project on The Peak of The Wharf and Nan Fung Group were sold for about HK$590 million ($75 million) and HK$548 million ($70 million) recently, according to Land Registry records. Read more>>
Wharf’s Harbour City Shopping Up During Chinese New Year
Leng Yen-thean, executive director of Wharf Real Estate Investment Co, said Harbour City recorded a average of 210,000 visitors daily during the Lunar New Year holiday — a 9-percent jump from last year.
She declared herself well satisfied with the increase, and not least because the number of visitors was not seriously affected by the cancellation of the fireworks display on Saturday. Leng also said she was cautiously optimistic about this year’s retail market due to the increase in visitors and a weakened Hong Kong dollar. Read more>>
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