Hong Kong retailers that have borne brunt of protesters’ ire look to sell properties, end leases

Restaurant operator Fulum Group Holdings has put eight properties worth some US$327.78 million on sale

Snack food chain Best Mart 360, and Maxim’s Group Genki Sushi are debating whether to renew leases of some of their outlets in protest-hit areas

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A Fulum Restaurant is vandalised by protesters in Cheung Sha Wan, on October 6, 2019. Photo: K.Y. Cheng

Published: 8:00am, 24 Oct 2019Updated: 9:19am, 24 Oct 2019

Companies that have been frequently targeted and vandalised in anti-government protests, because of links to mainland China or their owners supporting Beijing, are looking to downsize operations amid a gloomy retail environment.

Restaurant operator Fulum Group Holdings has put eight properties worth some HK$2.57 billion (US$327.78 million) on sale. Snack food chain Best Mart 360, and Genki Sushi, whose Hong Kong operations are run by Maxim’s Group, are considering whether to renew leases of some outlets.

Fulum Group, which protesters believe is linked to a Fujian clan, did not comment on whether the sales were linked to the recent vandalising of its restaurants, but said it was strategically adjusting its brand structure and reducing the size and number of some of its larger restaurants to improve operational efficiency.

The company is seeking HK$150 million for a 18,664 sq ft property in Sha Tin Fun City, currently occupied by its Chinese restaurant, Fulum Fisherman’s Wharf, as part of the revamp.

Fulum Centre, a seven-storey industrial building with 36,131 sq ft of space in Kwai Chung, is also on sale for HK$290 million.

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