The chairman of one of Hong Kong’s largest restaurant chains is selling an industrial building in Sha Tin as a highly competitive retail environment takes a toll on the hospitality sector.
Advertisement
The owner of Big Orange, a nine-storey building in Tai Wai, on Monday appointed property consultancy CBRE to hold a public tender for the asset in April.
The 236,148 sq ft building with its distinctive orange facade was acquired in 2013 by Hansun Investments for HK$498 million (US$64 million), according to government records. Yeung Wai, the chairman of Fulum Group, is listed as a director of Hansun.
Big Orange was connected to several main roads, said Reeves Yan, executive director and head of capital markets at CBRE Hong Kong. “Whether driving to Hong Kong Island or various major areas in Kowloon, it is within a 20-minute drive, making it an extremely strategic core location,” he added.
03:39
Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city
Shop occupancy recovers in Hong Kong, but vacant stores still visible across the city
The disposal comes at a particularly challenging time. Last year, retail sales in Hong Kong fell 7.3 per cent year on year to HK$376.8 billion, according to the latest official data.
Advertisement