Get 200 million yuan in the old property of the restaurant
The old tea house in Yau Ma Tei is like a restaurant. The founder’s Li family has been involved in production in recent years, and has repeatedly sold assets. The original site of the restaurant, together with 8 residential units upstairs, was sold for 2.02 billion yuan last month. The new buyer is South China. Cheng (01668) non-executive director Zheng Dabao and family members.
The old site of the restaurant is located at Tsui Building, 372-378A, Shanghai Street, Yau Ma Tei. The transaction involves the ground floor including the ground floor of Buildings 376 and 378, the 1st to 4th floor of the building, and the 5th and 6th floors. Residential units and rooftops, the total construction area is about 17058 square meters, the total transaction price is 202 million yuan, and the price is about 11842 yuan.
The buyer is a non-executive director of South China City
According to the Land Registry, new buyers are bought through a number of companies, but the company’s directors are Zheng Dabao, Zheng Zhixun and Zheng Zhifeng. Zheng Dabao is the brother of Zheng Songxing, one of the founders of South China City. Zheng Dabao is also a non-executive director of South China City.
After the completion of the restaurant at the end of 2012, the family descendants later set off a competition, the court ordered the auction of the property, and sold three plots in 2015, involving 72.5 million yuan. Together with the latest transactions mentioned above, a total of $274.5 million was cashed out.
The building has reached the age of 48 years and has been held by the Lai family for most of the floor. The Zheng Dabao is the part of the purchase, accounting for nearly 50% of the entire building.
In addition, Convoy Global (01019) announced that it will lease the basement, underground, attic and 1st to 20th floors of the Mutual Trust Building, 68 Johnston Road, Wan Chai as the new headquarters. The lease term is 6 years and the monthly rent is about 3.1 million yuan. The total consideration is about 379 million yuan.
According to the information, the total floor area of the entire building of the Mutual Trust Building is over 66,725 square feet. Based on the monthly rent, the lease is about 46.5 yuan. The building was purchased by the gambling king Si Tailiang An Qi in December 2015 for 1.02 billion yuan and now enjoys a rental return of about 3.6%.