New | Emperor opens first cinema in Central, to pay HK$1.2 million per month to rent former HMV space
Site covers more than 16,000 square feet and will also include fine dining restaurants
Emperor Group, the entertainment conglomerate founded by media magnate Albert Yeung Sau-shing, will open its first cinema in Hong Kong by leasing a two-storey space in downtown Central, renting the space for an estimated HK$1.2 million a month, according to agents.
The new cinema on the third and fourth floors of Entertainment Building, formerly rented by HMV Retail’s flagship DVD store in the city, occupies more than 16,000 square feet, two people with knowledge of the lease agreement told the South China Morning Post.
Emperor plans to operate a cinema through its Emperor Motion Pictures subsidiary, as well as fine dining restaurants at the venue, agents said.
“A cinema generally cannot support such high rents through selling tickets,” said Michael Chik, managing director of agency Sheraton Valuers. Emperor plans to make its venue available to rent to investment banks, or insurers to hold premiere parties.
A spokesman at Emperor Motion Pictures declined to comment.
The Entertainment Building is owned by a venture with Angela Leong, the fourth wife of casino tycoon Stanley Ho, as a major shareholder.
HMV closed its flagship store at Entertainment Building on Queen’s Road Central with little fanfare in April, moving to a smaller shop a few blocks away at Manning House, also in Central. The relocation helped the DVD retailer slash its rent by 25 per cent to less than HK$1 million per month.