McDonald’s sells Hong Kong shop for US$15.3 million as ‘old money’ returns to retail
As “long-dormant old money” steps back into Hong Kong’s retail property market, McDonald’s has sold the property housing its first New Territories restaurant for HK$120 million (US$15.3 million), extending its year-long sell-down of self-owned shops. The property at 10-22 Tsuen Wan Market Street, spanning the ground floor to the second floor, was sold to Keen Charm Holdings (HK) Limited, with the…
For years, McDonald's has been disposing of its self-owned shops in Hong Kong as "old money" and high-net-worth individuals begin to return to the retail property market. The company sold the property at 10-22 Tsuen Wan Market Street, which housed its first New Territories McDonald's, for HK$120 million (US$15.3 million) to Keen Charm Holdings (HK) Limited.
The transaction came after the property was acquired by McDonald's Restaurants (Hong Kong) Limited for HK$8 million in 1987, resulting in a 14-fold return on investment. The purchase was reportedly made by family members of Hong Kong toy manufacturer May Cheong Group, with directors including Ngan Chi-hung, Ngan Chi-wai, and Ngan Tuet-ching.
The property had been a prime retail location, supported by McDonald's extended lease commitments through December 2036. The sale highlights the recent shift in consumer spending patterns, with retail demand being impacted by the pandemic. Eunice Tang, executive director of capital markets at JLL, noted that the sale attracted interest from "long-dormant old money" and "high-net-worth buyers" seeking prestigious retail properties backed by well-known tenants.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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