How one Hong Kong property investor still made US$30 million – after a 40% price cut

AI Summary

A Hong Kong investor sold a portfolio of prime retail shops in Tsim Sha Tsui for HK$256.8 million, accepting a price more than 40% below the original asking price. Despite the discount, the long-held properties generated a reported profit of nearly HK$237 million after more than four decades of ownership.

Amid concerns over rising interest rates and a weak retail property market, a long-time investor has sold a portfolio of prime street shops in Tsim Sha Tsui – held for more than four decades – and locked in a profit of nearly HK$237 million (US$30.2 million) despite accepting a deal more than 40 per cent below his original asking price. The portfolio of retail shops in Cheung Lee Commercial Building and the podium of Wing Lee Building, both on Kimberley Road, changed hands for HK$256.8 million,...