Economy
Hong Kong Investor Sells Tsim Sha Tsui Shops for US$30 Million Profit
A long-term property investor secured a significant profit on a portfolio of prime street shops in Tsim Sha Tsui, despite a substantial price reduction.
A long-term property investor secured a significant profit on a portfolio of prime street shops in Tsim Sha Tsui, despite a substantial price reduction.
A Hong Kong property investor has sold a portfolio of prime street shops in Tsim Sha Tsui, held for over 40 years, for HK$256.8 million (US$30.2 million). The sale resulted in a profit of nearly HK$237 million (US$30.2 million) for the investor. This profit was achieved despite the final sale price being more than 40 per cent below the investor's initial asking price. The properties included retail shops in the Cheung Lee Commercial Building and the podium of the Wing Lee Building, both located on Kimberley Road. The transaction occurred amidst concerns about rising interest rates and a weak retail property market.
FAQ
- What was the total sale price of the Tsim Sha Tsui shops?
- The portfolio of retail shops in Tsim Sha Tsui was sold for HK$256.8 million.
- How long had the investor held the properties?
- The investor had held the portfolio of prime street shops for more than four decades.