Business
Four Seas Capitalizes on Hong Kong Real Estate Slump: Snack Food Producer Acquires Prime Office Space at a Discount
Four Seas, a snack food manufacturer, acquires office space in Hong Kong due to enticing discounts. Prime office structures in Kowloon have seen approximately a 50% decrease in their worth since the market's high point in late 2018.
The producer of snack foods has consented to purchase 25,000 square feet of office spaces in Kwun Tong for a total of HK$205.4 million (US$26.3 million), according to a statement filed on the Hong Kong stock exchange on Monday. This translates to HK$8,226 for each square foot, which is a 12.5% decrease from the original price for the identical structure.
"Due to the lack of fresh demand and poor market conditions, the value of some commercial properties in Hong Kong has dropped considerably, reaching a fairly low point," stated chairman Stephen Tai Tak-fung in the report. "This purchase is a promising investment opportunity."
The team concurred to purchase the whole of the 31st level of a premium office structure at 41 King Yip Street, complete with naming rights, as well as an additional office section on the 21st level of a building named The Vision in the identical vicinity. Included in the deal are seven parking spots and a specific area for signs.
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Unseen Charm: Reasons to Examine Hong Kong's Public Residential Buildings More Closely
The vendor is a division of Max Paramount Business, a foreign firm ultimately under the ownership of someone named Choi Kin-yeung.
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