HMV’s Hong Kong operation seems to be moving too slowly to pay its bills
Leading today’s Hong Kong real estate news is the slow death by retail of the music seller HMV. The giant of the age of LPs, 8-tracks and cassettes is being sued by New World for HK$5 million in allegedly unpaid rent for its shops in Causeway Bay and Central district, and now faces eviction from its stores, which could signal the end of its operations in Hong Kong. Meanwhile, the slow-down in the city’s investment market hasn’t stopped a Wanchai office unit from changing hands, while Nan Fung and Wheelock get ready to try there luck in the high-end luxury market on Victoria Peak. Read about these stories and more in the world’s most expensive real estate market.
New World Sues HMV for HK$5M in Unpaid Rent
Entertainment conglomerate HMV Digital China Group is being chased by its landlords, New World Development, which filed a lawsuit against HMV Marketing on Friday after it failed to pay a sum of about HK$4.9 million (US$623,000) in past rent for its flagship shop in Causeway Bay and another store in Central.
The Hong Kong-listed company had already been sent a summons last month for the HK$270,000 it owed in rent to the MTR Corporation for its space in Telford Plaza in Kowloon Bay, according to a report in the Oriental Daily on Wednesday. Read more>>
Wan Chai Office Sells for HK$9.8M
A 1,040 square foot office on the 20th floor in Kam Chung Commercial Building on Hennessy Road recently changed hands for HK$9.8 million, or an average price of HK$9,423 per square foot, according to a report in the Hong Kong Economic Journal on Tuesday. Read more>>
Sai Wan Ho Home Slashes HK$4M Off List Price
A homeowner in Sai Wan Ho cut HK$4 million (US$512,000) off the HK$28 million list price of a 942 square foot flat in Henderson Land Development’s Grand Promenade to finally make a sale of the unit, according to a report in the Hong Kong Economic Journal.
The final selling price of the flat worked out to HK$25,456 per square foot, helping the seller earn a profit of about 26 percent after holding the unit for seven years. Read more>>
Billion Dollar House on the Peak Up For Tender on Saturday
A 7,978 square foot (741 square metre) luxury home in the Mount Nicholson development atop tony Victoria Peak, jointly developed by Wheelock Properties and Nan Fung Development, will go on sale via tender offer for a three-hour period this Saturday.
A 9,217 square foot home in the Mount Nicholson development had previously set the record for the priciest townhouse in Asia in terms of total price and price per square foot after an unidentified buyer paid HK$1.4 billion, or HK$151,785 per square foot, for the house in March this year. Read more>>
Mong Kok Mixed-Use Site Priced at HK$680M
China-based Sunlink Group Company has put a price tag of HK$680 million (US$87 million) in a package of a 10,600 square foot retail space and two residential flats it owns on Soy Street in the busy shopping district of Mong Kok, with the sale brokered by Savills, local media reported.
Sunlink bought the properties, which equal 43.5 percent ownership of the Wingco Mansion in the center of Mong Kok, for HK$471 million seven years ago, and expect to earn a return of 44 percent from the potential sale. Read more>>
Kwun Tong Office Aims for HK$14,800 Per Square Foot
An unidentified owner of the sixth and the seventh floors of the C-BONS International Centre on Wai Yip Street near the Ngau Tau Kok MTR station in Kwung Tong expects to sell the office space, along with four car parking spots, for HK$498 million ($63.8 million), according to a report in the Hong Kong Economic Journal on Tuesday.
The total gross floor area of 33,680 square feet (3,129 square metres) is priced at an average price of HK$148,000 per square foot, said Centaline Property, which is brokering the sale. Read more>>
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