Two McDonald’s shops in Hong Kong were sold to the same buyer for HK$183 million (US$23.5 million) on Monday, 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.
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A 7,357 sq ft property in Mong Kok’s Good Hope Building was handed over to the buyer, Verity Partners, for HK$83.2 million, or HK$11,293 per square foot, on Monday, 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 another company, Meridian Capital, for HK$100 million, or HK$14,723 per square foot.
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.
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On November 5, McDonald’s sold a shop in Yuen Long via public tender for HK$77.4 million. The three-storey, 9,695 sq ft property in Yuen Long Trade Centre was bought by Acc Investment, according to data from the Land Registry. The sale fetched the company more than eight times its investment of HK$9.3 million in 1987.
In total, the company has cashed out some HK$260 million.