{
  "id": 13846404,
  "title": "Triumph underwear heir snaps up Hong Kong shop in ‘rare’ market deal",
  "url": "https://urgent.news/2026/10/12/triumph-underwear-heir-snaps-up-hong-kong-shop-in-rare-market-deal",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-12T01:56:25.000Z",
  "source": {
    "name": "VnExpress Business",
    "slug": "vnexpress-business",
    "url": "https://e.vnexpress.net/news/business/property/triumph-underwear-heir-snaps-up-hong-kong-shop-in-rare-market-deal-5130656.html"
  },
  "original_language": "en",
  "account": "Austrian heir Oliver Michael Spiesshofer, the CEO of Triumph underwear group Triumph International, recently acquired a Hong Kong shop for a surprisingly low price. The ground-floor property at Arbuthnot House, located on Arbuthnot Road in central Hong Kong, cost HKD$21.4 million (US$2.73 million) in a deal described as \"extremely rare\" by local real estate experts.\n\nThe shop, spanning 137 square meters, was previously leased to a private members' club called Salon No. 10. The seller was Associated Builders Corporation Limited, a company controlled by Henry Fong Yun-wah's family, the late chairman of Hong Kong developer Hip Shing Hong. Hip Shing Hong had owned the property since 1971, purchasing it for about HKD940,000.\n\nStanley Poon Chi-ming, managing director of Centaline Commercial, revealed that Hip Shing Hong had held the property for decades, primarily earning rental income. The company had kept the sale under wraps, as it primarily focused on rental income and rarely sold properties. Poon added that Hip Shing Hong is restructuring its property portfolio, offloading non-core commercial real estate to raise cash for future land purchases and development.\n\nThe buyer of the shop, Aimba Limited, is a descendant of Johann Gottfried Spiesshofer, a co-founder of Triumph International. As the company's CEO and managing partner, Spiesshofer's acquisition marks a rare instance of foreign capital investing in Hong Kong retail properties, with most local properties bought by Hong Kong investors and companies. Chinese investors are known to have a strong affinity for such properties, following the belief that \"a single shop can support three generations.\"\n\nReal estate expert Edwin Lee, founder and CEO of Bridgeway Prime Shop Fund Management, praised the property as an \"excellent buy,\" citing its large floor area and prime location near SoHo and Lan Kwai Fong. Lee believes the transaction price is 20% lower than the market value, suggesting the deal could yield significant returns for the new owner.",
  "summary": "A long-established Hong Kong developer has sold a retail shop it held for more than 50 years to an heir of Swiss underwear maker Triumph, a deal analysts described as “highly unusual.”",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "South China Morning Post",
        "title": "Hong Kong outlines new liquidity reforms as US market rally pulls funds away",
        "url": "https://urgent.news/2026/10/09/hong-kong-outlines-new-liquidity-reforms-as-us-market-rally-pulls",
        "published": "2026-10-09T10:01:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}