Snack Giant Four Seas Capitalizes on Hong Kong Property Slump, Acquires Prime Office Space Below Market Rate

Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, attracted by the lower prices. Top-tier office structures in Kowloon have seen their worth decrease by approximately 50% since the market's high point at the close of 2018.

The producer of snack foods has consented to purchase 25,000 square feet of office spaces in Kwun Tong for a sum of HK$205.4 million (US$26.3 million), as per the disclosure made in a Hong Kong stock exchange document on Monday. This purchase price equates to HK$8,226 per square foot, which is 12.5% less than the initially quoted price for the identical building.

"Due to a lack of fresh demand and poor market outlook, the value of some commercial properties in Hong Kong has substantially dropped to a comparatively low rate," stated chairman Stephen Tai Tak-fung in the document. "The purchase provides an excellent investment opportunity."

The collective decided to purchase all of the 31st floor of a high-quality commercial structure located at 41 King Yip Street, including the naming rights. They also procured another office space on the 21st floor of a building called The Vision in the same vicinity. The deal also comprises seven parking spots and some advertising space.

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