Coronavirus: Aji Ichiban co-founder may lower rents for vacant shops after Covid-19 losses forced once-thriving Hong Kong snack chain to shut down
- Aji Ichiban has closed all 20 branches and laid off some 100 workers after suffering losses caused by the lack of tourists coming to the city
- One of the vacated premises, in Causeway Bay, was leased recently for as much as 27 per cent below the market rate
Through company ownership, co-founder Tony Lai holds about 20 shops and other property units, mainly in the commercial districts of Hong Kong Island and Kowloon, according to records from Centaline Commercial.
The property holdings are “about saving up for a rainy day,” said Lai. He would “definitely” consider accepting lower rents “otherwise the market cannot accept it,” he said in a phone call.
01:44
Dragon boat racing returns after 2-year pandemic suspension in Hong Kong and mainland China
One of Aji Ichiban’s vacated premises, measuring about 800 square feet on Causeway Bay’s Lee Garden Road, was leased recently to another retailer for HK$130,000 (US$16,565) per month. That is 13 per cent below the asking rent and as much as 27 per cent below the market rate of HK$160,000 to HK$180,000, according to Centaline.