McDonald’s Hong Kong shops sell like hotcakes as 2 properties go for US$23.5 million
Following a US$9.9 million asset disposal last week, the fast-food chain finds a buyer for properties in Mong Kok and Kennedy Town
Two McDonald’s shops in Hong Kong have been sold to the same buyer for HK$183 million (US$23.5 million), marking the fast-food chain’s second and third sales this month as it proceeds with an asset-disposal plan amid an improving commercial property market.
A 7,357 sq ft property in Mong Kok’s Good Hope Building was handed over to Verity Partners for HK$83.2 million, or HK$11,293 per square foot, on Friday, according to data from the Land Registry.
A two-storey shop spanning 6,826 sq ft at 12 Smithfield Road in Kennedy Town was sold to Meridian Capital for HK$100 million, or HK$14,723 per square foot, on the same day.
The director of both Verity Partners and Meridian Capital is Ng Yin, and the firms were both incorporated on September 22, Company Registry records showed.
McDonald’s bought the Kennedy Town shop for HK$20 million in 1991, according to the Land Registry. The price paid for the Mong Kok location could not be ascertained.
In total, the company has cashed out some HK$260 million.