McDonald’s cashes in again as Hong Kong property sell-down continues
The restaurant chain continues to trim its retail portfolio across the city by disposing of a Quarry Bay shop for US$14 million
McDonald’s has sold another Hong Kong retail property, continuing its years-long effort to cash in on real estate assets accumulated during its rapid expansion across the city over the past few decades.
The latest disposal involved Shop 1 on the upper ground floor of Parkvale Place on King’s Road in Quarry Bay, which changed hands for HK$110 million (US$14 million), according to Land Registry records.
MCD Real Properties, a company linked to McDonald’s, sold the shop to Uni Investment Development.
The buyer had six directors, including Chan Hei-loi, Companies Registry records showed. The group previously invested in commercial properties, including an industrial unit in Kwai Chung in 2021.
McDonald’s has owned retail space at Parkvale Place since 1989, when it paid HK$150 million for several ground-floor and upper-ground-floor units. The company began cashing out in 2021, selling a 22,527 sq ft upper-ground-floor shop to Vivien Chan Wan-wan, founder and chairwoman of The V Group, for HK$260 million.
Together with the latest HK$110 million disposal, the sales have brought in more than HK$370 million, well above the original acquisition cost. McDonald’s did not comment.