How a Hong Kong property investor still made US$30 million – after a 40% price cut
Amid concerns over rising interest rates and a weak retail property market, a long-time investor has sold a portfolio of prime street shops in Tsim Sha Tsui – held for more than four decades – and locked in a profit of nearly HK$237 million (US$30.2 million) despite accepting a deal more than 40 per cent below his original asking price. The portfolio of retail shops in Cheung Lee Commercial…
A long-time property investor in Hong Kong, Ng Kan-hoi, has sold a portfolio of prime street shops in Tsim Sha Tsui and secured a profit of nearly US$30 million, despite accepting a deal more than 40% below his original asking price. The portfolio included retail shops in the Cheung Lee Commercial Building and the Wing Lee Building on Kimberley Road, which were held by Ng for over four decades.
The properties were sold for HK$256.8 million, reflecting a gain of almost 12 times his original investment. The sale of the properties, which included the basement and ground, first and second floors of the Cheung Lee Commercial Building and shops 6-10 on the ground floor of Wing Lee Building, was facilitated by a significant 40% price cut.
Brief written by urgent.news from South China Morning Post's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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