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-term property investor in Hong Kong has successfully sold a portfolio of prime street shops in Tsim Sha Tsui, securing a profit of nearly US$30 million despite accepting a deal more than 40 per cent below his original asking price. The portfolio, which includes retail shops in the Cheung Lee Commercial Building and the Wing Lee Building on Kimberley Road, changed hands for HK$256.8 million.
The seller, Ng Kan-hoi, acquired the properties between 1979 and 1987 during the tense Sino-British negotiations, and after holding them for more than 40 years, he realised a gain that was almost 12 times his original investment. Bridgeway Prime Shop Fund Management's Edwin Lee noted that the price per square foot was relatively low due to the difficulty in finding a buyer for the entire package when the market was booming.
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