Business
Snack Giant Four Seas Capitalizes on Hong Kong’s Property Market Downturn: Acquires Office Space at Significant Discount
Four Seas, a snack food manufacturer, has acquired office space in Hong Kong, drawn in by the attractive deals on offer. High-end office structures in Kowloon have seen a significant decrease in value, around 50%, since the market reached its zenith in late 2018.
The company that produces snack foods has consented to purchase office space measuring 25,000 square feet in Kwun Tong for a cost of HK$205.4 million (US$26.3 million), as stated in a filing with the Hong Kong stock exchange on Monday. The price per square foot comes to HK$8,226, marking a 12.5% discount from the original asking price for space in the same building.
"Due to a lack of fresh demand and poor market morale, the cost of some commercial properties in Hong Kong has dropped drastically to a somewhat low point," stated the chairman, Stephen Tai Tak-fung, in the report. "The purchase presents a favorable investment prospect."
The team consented to purchase the whole of the 31st floor in a top-tier office complex located at 41 King Yip Street, complete with naming rights, as well as an additional office space on the 21st floor of a property known as The Vision within the same vicinity. The deal also encompasses seven parking slots and particular spaces for signage.
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The Aesthetic Appeal of the Obvious: A Deeper Exploration of Hong Kong's Public Housing Estates is Necessary.
The vendor is a division of Max Paramount Business, a foreign corporation ultimately under the ownership of an individual named Choi Kin-yeung.
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