Business
Snack Giant Four Seas Capitalizes on Falling Property Values: Acquires Prime Hong Kong Office Space at a Bargain
Four Seas, a snack food manufacturer, acquires office space in Hong Kong due to attractive deals enticing purchasers. Kowloon's top-tier office structures have seen a decline of roughly 50% in their worth since the market's high point in late 2018.
The snack food production company has confirmed its purchase of 25,000 square feet of office space in Kwun Tong for a sum of 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 per square foot, marking a 12.5% reduction from the original asking price for a similar space in the same building.
"Due to constrained fresh interest and poor market outlook, the cost of some commercial properties in Hong Kong has considerably dropped to a quite low point," stated chairman Stephen Tai Tak-fung in the report. "The purchase offers a solid investment prospect."
The team concurred to purchase the whole 31st level of a high-quality office structure at 41 King Yip Street, including naming privileges, along with an additional office space on the 21st level of a building called The Vision in the identical vicinity. The agreement also encompasses seven automobile parking slots and specific advertising areas.
Three Twenty Eight
The Unseen Aesthetics: Exploring the Value of Hong Kong's Public Housing Complexes
The vendor is a subsidiary of Max Paramount Business, a foreign corporation ultimately under the ownership of someone named Choi Kin-yeung.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.