Haunted buildings in Causeway Bay? No, it’s just a price dispute
All units in three adjoining buildings have been sold except for the street level shops which are rented out for between HK$700,000 to HK$900,000 a month
The sight of three adjoining dilapidated seven-storey residential buildings in the heart of Causeway Bay, one of the Hong Kong’s busiest commercial districts, raises more questions than answers.
That the properties from 45 to 76 Percival Street, a stone’s throw away from Times Square shopping mall, remain unused in one of the world’s priciest district has piqued the curiosity of Hongkongers and tourists.
“The sight of this huge concrete skeleton is definitely not good, especially because it is in the heart of a city. You can’t help but get an impression of haunted buildings in this prime section of Causeway Bay,” says Wang Lei, a mainland Chinese tourist who spent her weekend shopping in Hong Kong.
An investigation by the South China Morning Post showed that most units in the buildings, except the street level shops, have been acquired by different companies since 2013.
But an apparent lack of agreement on the purchase price with owners of the remaining street level shops which command eye-popping rental rates, have kept the units above idle for years.
“The acquisition of the remaining units has been going on for years, and is still ongoing,” said Michael Chik, managing director of agency Sheraton Valuers.