Veteran investor snaps up 2 Hong Kong street shops as values remain well below peaks
Private equity veteran Ramon Lo has bought two ground-floor shops on Swatow Street in Wan Chai for HK$32.5 million (US$4.1 million), at a time when prices in the district remain about one-third below previous levels. Land Registry records showed that the properties were acquired by Smart Golden Co, whose director is Lo, a partner and executive director at private equity and advisory firm Symphony…
Veteran investor Ramon Lo has acquired two ground-floor shops in Hong Kong's Wan Chai district for HK$32.5 million (approximately US$4.1 million), as property values in the area remain roughly one-third lower than their previous peaks. The properties, owned by Smart Golden Co, were purchased by Lo, a director at Symphony Capital Partners, a private equity and advisory firm.
Lo, a descendant of the influential Lo Hin-shing family, co-founded Arral & Partners in 1981, one of Asia's earliest private equity funds. Edwin Lee, CEO of Bridgeway Prime Shop Fund Management, believes the buyer likely invested in the shops for rental income, anticipating potential redevelopment opportunities. Lee estimates the two shops, each measuring 1,500 square feet, could generate a combined rental value of HK$100,000, translating to a rental yield of around 3.7%.
The properties are situated in a 52-year-old six-storey building at 29-31 Swatow Street, near the Hopewell Centre. The recent completion of the Hopewell Hotel and Hopewell Mall has boosted foot traffic and redevelopment potential in the area.
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