Media365
The ground-floor unit at Mount Sterling Mall in Mei Foo Sun Chuen, Lai Chi Kok, was sold on February 27 to Huge Power (China) Ltd., according to Land Registry records.
Companies Registry filings show the directors as Kwok Chong-wah, Kwok Lap-yin and Kwok Shun-sing, members of a veteran investor family.
The 6,915 square foot (642 square metre) shop, near an MTR station exit, was sold at about HK$13,500 per square foot.
Land Registry records show McDonald’s Restaurants (Hong Kong) Ltd. will continue to lease the premises under a 20-year tenancy agreement running until 2036.
The Chicago-based fast-food chain bought the property in 1988 for HK$27.4 million and has continued to operate a restaurant there. After holding the asset for 38 years, the company recorded a paper gain of roughly HK$66 million.
