Longfeng 110 million purchase of old buildings in Sheung Shui

The whole building has a market price. A 4-storey old building on Xinfa Street in Sheung Shui has just changed hands with 110 million yuan. The original industry has hosted the goods for more than 20 years and has made a huge profit of 90 million yuan.

The above transactions were completed at Nos. 15-19, Xinfa Street, Sheung Shui and 41A-41B, Fuxing Street. The gross floor area from the ground floor to the 2nd floor was 7,600 sq. ft. and the transaction value was 110 million yuan. The discounted price was approximately 14,474 yuan.

The current monthly rent of the property is approximately RMB 200,000, with a return of approximately 2.2%. It is understood that the new buyer is the district’s leading pharmacy Longfeng Pharmacy or related persons. The original owner bought at 20 million yuan at the end of 1997. He had held goods for more than 20 years, and his book profited 90 million yuan, up 4.5 times.

In addition, according to the Land Registry, LEE MAN CHUN RAYMOND, the wife of Lee & Man Paper (02314), and his wife, WONG MAN YI, purchased the entire old building of No. 75, Tam Kung Road, To Kwa Wan, in their own names. Price 53 million yuan.

The property was completed in 1959, with 8 storeys, underground shops and upstairs residential buildings. The total construction area was about 80,000 sq.ft.. The transaction price was calculated at a price of about 6,625 yuan. The original owner bought 4.2 million yuan in 2002 and held goods for 16 years. His book profit was 48.8 million yuan, an increase of 11.6 times.