McDonald’s sold a property in Kowloon for HK$72.4 million (US$9.3 million), as the Chicago-based fast-food giant reached HK$333 million in proceeds at the halfway point in a campaign to dispose of eight Hong Kong retail properties.
A company called Mega Champ bought the property in the Tai Fong Building of Cosmopolitan Estate in Tai Kok Tsui in a transaction dated November 26, according to Land Registry records. The deal, which was registered on Friday, comprised two ground-floor shops as well as an office unit on the first floor.
McDonald’s paid HK$24.1 million for the property in 1989, according to the Land Registry, which means the sale yielded a 200 per cent gain and a profit of more than HK$48 million. McDonald’s declined to comment.
The corner property in Tai Kok Tsui measures 9,230 sq ft, according to information on the website of property consultancy JLL. Besides the fast-food chain, other tenants include a pharmacy and a fruit and vegetable vendor.
It is “a prime location in a lively and densely populated area”, according to JLL. “Surrounded by industrial buildings, located opposite a service apartment, and with a vibrant mix of restaurants nearby, this property enjoys constant foot traffic and offers businesses exceptional exposure in a dynamic commercial and residential environment.”
