Media365
McDonald’s has sold another Hong Kong retail property for HK$118.7 million (US$15.2 million), bringing the proceeds from its ongoing asset disposal programme to about HK$490 million, as well-capitalised investors continue to snap up prime real estate.
The 10,000 sq ft-plus property at 46-47 Yee Wo Street in Causeway Bay was sold to Evergreen Capital Partners. Ng Yin was listed as director of the firm, according to the Companies Registry.
The deal, which was signed on December 10, included the first and second floors of the McDonald’s Building, as well as three podium units, with the average price working out to HK$11,558 per square foot, according to the Land Registry.
Ng has also bought two other McDonald’s properties in Kennedy Town and Mong Kok, spending about HK$300 million on the three deals.
McDonald’s has completed six sales since launching its plan in July to dispose of eight retail properties, as part of a review of its Hong Kong real estate portfolio. The Chicago-based fast-food chain then said the assets were valued at about HK$1.2 billion.
Hong Kong’s retail sector continues to face pressure, with residents increasingly travelling to mainland cities such as Shenzhen to shop, prompting some retailers to scale back their physical footprint.
