How Jardine Matheson’s street-shop sale reflects Hong Kong retail property’s struggles
Amid Hong Kong’s commercial property downturn, British conglomerate Jardine Matheson has sold a street shop in Causeway Bay for HK$80 million (US$10.2 million) after holding it for more than 50 years, accepting a price HK$10 million below its earlier valuation.
The property, a ground-floor shop in H&S Building at 36 Leighton Road, with a gross floor area of about 11,727 square feet, was acquired by Uni Investment Development, according to Land Registry records.
Jardine Matheson appointed an agent to market the property in early April, when it was valued at HK$90 million. The eventual sale price – equivalent to HK$6,822 per square foot – was about 11 per cent lower.
Uni Investment Development’s directors acquired a high-floor shop at Parkvale on King’s Road in Quarry Bay from McDonald’s for HK$110 million in June, according to Land Registry records.
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