Four Seas Capitalizes on Hong Kong Property Slump: Snack Food Giant Buys Office Space in Kowloon’s Grade A Buildings at Bargain Prices

Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, enticed by the attractive deals available. Premium office properties in Kowloon have seen their worth decrease by approximately 50% since their highest point at the end of 2018.

The producer of snack foods has consented to purchase 25,000 square feet of office space in Kwun Tong for HK$205.4 million (US$26.3 million), according to a filing with the Hong Kong stock exchange on Monday. This equates to HK$8,226 for each square foot, which is 12.5 percent lower than the listed price for the same property.

"Due to a lack of fresh interest and a poor market outlook, the cost of some commercial properties in Hong Kong has substantially dropped to a fairly low rate," stated Chairman Stephen Tai Tak-fung in the report. "This purchase provides an excellent investment opportunity."

The team consented to purchase the whole 31st floor of a top-tier office structure at 41 King Yip Street, complete with naming rights, along with another office space located on the 21st floor of a building named The Vision within the same vicinity. The deal also encompasses seven car parking slots and specific areas for signage.

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The vendor is a division of Max Paramount Business, a foreign corporation ultimately controlled by an individual named Choi Kin-yeung.