The two-month riots have seriously affected the trading and rental transactions of first-line retail street shops
For example, there has been no trading of shops in Causeway Bay since July. In August, there were 7 temporary rental transactions, last year 8 In the month, there were 21 cases. Among them, there was an underground shop at 70 Percival Street. The old tenant was China Mobile Hong Kong. The monthly rent was 450,000 yuan. It has been rented by a cosmeceutical with a monthly rent of only 200,000 yuan, a drop of more than 55%.
Zhuang Langwen, Senior Regional Business Director of the Industrial and Commercial Bureau of the Central Plains, said that a total of seven transactions were recorded in the four districts of Causeway Bay, Central, Mong Kok and Yuen Long in July. In Causeway Bay, one of the hardest hit areas, no land sales cases have been recorded since July. At the same time, with the recent completion of individual large retail brands, many floors have been vacated, and the rental market pressure has been increased. The rent is expected to be lowered by about 15 to 20% in the short term.
Gaosheng Building Shenqiang has a valuation of nearly 240 million. In addition, in recent years, Emperor International (00163), which mainly relies on the acquisition of old buildings to increase the land bank, and the Xiyingpan Gaosheng Building, which was acquired a few years ago, has matured to the Land Tribunal. Apply for a strong order to seek uniform ownership. The old building is currently valued at nearly 240 million yuan.
The Gaosheng Building, located at 78-80 Queen’s Road West and 265-267 Hollywood Road, is an 8 storey commercial and residential building with 37 undivided shares. It was completed in 1966 and the Emperor was appointed. The acquisition began in 2016.
According to the contents of the application documents, Emperor purchased the old building through six companies and now holds about 81.08% of the shares
The surveyor commissioned by the developer valued the property. Individual shops will have different valuations in the valuation method, resulting in a total valuation of 236 million and nearly 240 million yuan for the entire building.
The site size of the old building is about 2144 square feet. It can be used for commercial and residential redevelopment
The redevelopment of the building is only about 20,000 square feet and the scale is small.
However, as the Emperor or the relevant parties also launched an acquisition operation on the adjacent Queen’s Road West from 70 to 76, if the acquisition is successful, the merger will be merged and the site area will be doubled.
As for the 215 to 221 Lagoon Street, which is being acquired by the consortium, the Land Registry has recorded another three transactions, involving about $43.5 million.