Business
Snack Food Giant Four Seas Capitalizes on Falling Office Space Prices in Hong Kong: Acquires Prime Kowloon Property at a Discount
Four Seas, a snack food manufacturer, acquires office premises in Hong Kong, enticed by bargain prices. Office structures of Grade A quality in Kowloon have experienced a roughly 50% decrease in their worth since the market's highest point in late 2018.
The company that produces snack foods confirmed its plan to purchase 25,000 square feet of office spaces in Kwun Tong, for which it will pay HK$205.4 million (US$26.3 million) according to a filing with the Hong Kong stock exchange on Monday. This amounts to HK$8,226 for each square foot, marking a 12.5% reduction from the initial price in the same structure.
"Due to a lack of fresh interest and a poor market outlook, the value of some commercial properties in Hong Kong has considerably dropped to a fairly low point," stated chairman Stephen Tai Tak-fung in the document. "This purchase is a strong investment prospect."
The team consented to purchase the whole 31st level of a top-tier office structure located on 41 King Yip Street, complete with naming rights, and an additional office space on the 21st level of a structure called The Vision in the identical vicinity. This also encompasses seven vehicle parking slots and specific promotional display areas.
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The Aesthetic Appeal of the Obvious: A Deeper Examination of Hong Kong's Public Housing Estates is Warranted.
The vendor is a subsidiary of Max Paramount Business, a foreign corporation ultimately controlled by an individual named Choi Kin-yeung.
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