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Hong Kong investor sells Tsim Sha Tsui shops after 40% price cut
The street shop portfolio sold for HK$256.8 million, down from the prior combined HK$430 million listing price.
SCMP Economy reports that a long-time Hong Kong property investor has sold a portfolio of prime street shops in Tsim Sha Tsui, assets he held for more than four decades.
The investor sold the retail shops, including units in Cheung Lee Commercial Building and the podium of Wing Lee Building on Kimberley Road, for HK$256.8 million, according to Land Registry data.
SCMP Economy says the sale produced a profit of nearly HK$237 million, even though the investor accepted a deal more than 40 per cent below the original combined asking price of HK$430 million after cutting the price by about 40%.