Central retail shop bought by Swiss heir in ‘rare’ Hong Kong market move
Local developer Hip Shing Hong sells ground-floor shop on Arbuthnot Road after holding the property for 55 years
In a rare market move, a long-established local developer sold a Central retail shop that was held for over 50 years to an heir of Swiss underwear maker Triumph, according to data from the Land Registry, a deal analysts have called “highly unusual”.
The use of international capital to acquire local retail assets in Hong Kong is uncommon. Triumph International did not immediately respond to a request for comment from the South China Morning Post.
The transaction involved a ground-floor shop at Arbuthnot House, 10-12 Arbuthnot Road, Central, with a gross area of about 1,474 square feet. It sold for HK$21.4 million – or HK$14,518 per square foot – late last month, the data showed. The shop is currently leased to the private members’ club Salon No. 10.
