Jianhua Group’s 93.8 million purchase of the old building in Tsuen Wan
The consumption power of the Minsheng District is strong. The Xincun Street in the Tsuen Wan Market section has tenants subletting to buy. The market contractor Jianhua Group and related parties spent 93.8 million yuan to purchase the entire building at No. 38 Xincun Street.
According to the Land Registry, there is a total of 38 Xincun Street. It is now a 3-storey old building with a floor area of about 1,200 square feet. It has a total area of about 3,600 square meters and is sold for 93.8 million yuan. The price is about 260.56 million yuan. The original owner was purchased for 8 million yuan in 2000. In recent years, the property was taken over by the estate executor. The property has appreciated by 85.8 million yuan (about 10.7 times) over 18 years.
The new buyers are Wen Zhuope and Ling Weiye, both of whom are senior executives of Jianhua Group. The Jianhua Group mainly deals in pork and vegetable stalls. In recent years, it has contracted a number of markets that were outsourced by the Link Exhibition (00823). It is understood that the above-mentioned property plot tenants are pork stalls and belong to Jianhua.
Three years to spend 150 million sweeping Xincun Street 3
Xincun Street is a segment of the market in the district. It is reported that the Jianhua Group has recently acquired the same shop floor in the same street. According to the information, the ground floor shops of No. 40 and No. 40A of Xincun Street were purchased in 2018 and 2016 respectively, with transaction prices of 34.8 million and 26.38 million respectively. In other words, the Jianhua Group and related parties have spent $15498 million to purchase three connected shops in less than three years.
In addition, the Land Registry information shows that Shop A, G/F, Man Hing Building, 3 De Yan Street, Wan Chai, has a floor area of 700 square feet. It was purchased by Yun Man International Limited for $29.5 million and the price was about $4.2143 million. The director is Zhu Luzhen, a director of the Mission Hills Group; the shop is rented by restaurants at a monthly rate of $70,000 and returns 2.8 per cent.