The Ginza commercial building in the district was once favored
In 2014, during the high-flying period, the number of visitors to Hong Kong reached 47.25 million, accounting for 77.7% of the total number of passengers. At that time, the rent on Russell Street in Causeway Bay once soared to the most expensive street in the world. Some owners saw the upstairs shop. The water went up, and it took advantage of the opportunity to dismantle the commercial buildings in the district. During the period, Russell Street No. 8, Laodong Street Oliv, The Sharp and other Ginza commercial buildings were greatly welcomed by the market, attracting many sophisticated investors into the market.
Formerly known as Shama Serviced Residence, No. 8 Russell Street, 2013, CLSA, headed by Zhao Long, the son of Chang Shi Lou Shen Zhao Guo Xiong, bought it for about RMB 1.8 billion, converted it into a commercial store, and sold 10 floors, each floor area. About 4,700 square feet, with a price of about 30,000 yuan, and a price of 130 million yuan per floor, it was greatly sought after by the market. The project had been over 70% of the floor in two weeks. When Cai Zhizhong sold his shells, he bought the entire floor of the 18th floor for 135 million yuan, and then he found out about 142 million yuan the next day, and he made a profit of about 7 million yuan.
In the same district, the Ginza commercial building was also loved by the market. In 2013, Wong Wai Hung, president of Centaline Real Estate Asia Pacific, purchased Olivier and The Sharp full-floor units in Ginza Commercial Building, Yandong Street. The unit was held by Huang Weixiong in the name of the company with a purchase price of RMB 76.22 million. 56.88 million yuan are currently leased out, but the return is only about 1%. When responding to this newspaper’s enquiries, he pointed out that “The upstairs pavilion was the main investment project of individuals. It was only the broker who called me at the time. I hadn’t had it before. The microphone test was under, and there was a tenant who wanted to do catering, so he bought it. Long-term investment, which accounts for more than one-to-one ratio of investment, is only one or two, and there are many major land purchases.