Lai Chi Kok Ying Hui Hui Shopping Centre $1 billion sale
The rent in the core area still fell. In contrast, the rents in shopping malls in the people’s livelihood area have been steadily increasing. Pengli’s assets are currently sold at the Lai Chi Kok Shopping Centre with an intentional price of about RMB 1 billion.
Rental rate 96% Return rate 3.4%
Pengli Assets commissioned Savills and Colliers International to jointly market the Yinghui Hui Shopping Centre, involving 43 private car parking spaces and 10 truck loading and unloading positions in the 3-storey shopping mall. The closing date was March 29, 2018. (Thursday) 12 noon.
From the ground floor to the second floor of the 3rd floor shopping mall with a total floor area of approximately 100,000 sq. ft., the main tenants of the shopping malls are commercial restaurants including restaurants, daily necessities stores, and real estate agents. The occupancy rate is 96%, and the monthly rental income is approximately The 2.8 million yuan is now sold by owners for $1.0 billion, with an expected price of about $9,000 per unit and an expected rate of return of approximately 3.4%.
The property was originally held by Fortune Industrial (00778). In 2015, Pengli Asset purchased it for approximately RMB 648 million. It was subsequently renovated and tenant reorganized, resulting in an overall improvement in quality.