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A derelict cinema on scenic Hong Kong Island is up for auction with a US$1 million price tag. The Peng Chau Cinema, located on an outlying Hong Kong island, has been abandoned for nearly 40 years, leading to dark rumors among some residents. Owned by Far East Hotels and Entertainment Limited, the former cinema is currently valued at HK$12 million, although it was estimated to be worth 30 percent more at the beginning of the auction process.

Built in 1978, the cinema was a bustling spot for workers, families, and visitors until its closure in 1987 after just nine years of operation. With a gross floor area of 907 square meters, the cinema section of the property is up for auction, comprising 163 square meters on the ground floor, 170 square meters on the cockloft, 472 square meters on the first floor, and 102 square meters on the second floor.

The auction was originally set for July 29, but has been postponed to mid-August due to incomplete formalities. If sold at the opening bid, the property would have a price per square meter of around HK$9,151. The auctioneer states that the property has no title deeds, making mortgage financing difficult. Despite potential redevelopment challenges, the cinema's unique location and atmosphere may attract a specific audience, with some estimating the price per saleable square meter to be close to HK$96,875.