McDonald’s sells Hong Kong shop for US$15.3 million as ‘old money’ returns to retail
May Cheong toymaker family linked to buyer of first McDonald’s outlet in New Territories; fast-food chain has sold 13 shops for HK$1.2 billion since last year
The property at 10-22 Tsuen Wan Market Street, spanning the ground floor to the second floor, was sold to Keen Charm Holdings (HK) Limited, with the agreement for sale signed on August 31, according to the Land Registry.
Company Registry listed Ngan Chi-hung, Ngan Chi-wai and Ngan Tuet-ching as directors of the purchasing vehicle.
They are reportedly identified as family members behind a Hong Kong toy manufacturer, May Cheong Group. The family-owned company was founded in 1967 in a small factory in Hong Kong by P.Y. Ngan and Y.C. Ngan, according to its website. The group did not respond to a request for comment.
