HSBC Sai Kung Branch premises at 9 and 10 Chan Man Street, on the ground floor of Sai Kung Town centre have recently been sold for HK$63.8 million. The shops, totalling approximately 3,380 square feet, were sold for a price of nearly HK$19,000 per square foot. The shops have been leased by HSBC for many years, currently renting for approximately HK$360,000 per month. Based on this transaction price, the rental yield is approximately 6.8%.
According to online records, the shops were originally owned by veteran investor Liu Jun (刘军), who purchased it from shop investor Michael Lee Yao-hua (李耀華) for HK$95 million in 2017, intending to use it for rental income. In recent years, Liu Jun has been continuously selling properties. Last year, he put the shop up for sale for HK$100 million, but failed to attract buyers. Earlier this year, he lowered the price to HK$80 million. Now, he has sold it for HK$63.8 million, losing HK$31.2 million after holding it for nine years, representing a 33% depreciation.
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