McDonald's sells Hong Kong New Territories outlet for HK$120 million
The property, housing its first restaurant in the New Territories, was acquired by Keen Charm Holdings (HK) Limited, linked to the May Cheong toymaker family.
McDonald's Divests Tsuen Wan Property
McDonald's has sold the property housing its inaugural New Territories restaurant in Hong Kong for HK$120 million (US$15.3 million). The transaction involved the premises at 10-22 Tsuen Wan Market Street, encompassing the ground to second floors. According to the Land Registry, the sale agreement was finalised on 31 August. Keen Charm Holdings (HK) Limited acquired the asset. This divestment continues McDonald's strategy of selling off its self-owned retail outlets across the city.
Buyer Linked to May Cheong Group
Keen Charm Holdings (HK) Limited lists Ngan Chi-hung, Ngan Chi-wai, and Ngan Tuet-ching as its directors, according to the Company Registry. These individuals are reportedly associated with the May Cheong Group, a Hong Kong toy manufacturing firm.
The May Cheong Group, a family-owned enterprise, was established in 1967 by P.Y. Ngan and Y.C. Ngan, as detailed on its corporate website.
Ongoing Property Sell-Down
This latest deal extends McDonald's year-long programme of selling its directly owned properties. Since last year, the fast-food chain has divested 13 shops in Hong Kong. These sales have collectively generated HK$1.2 billion. The company continues to optimise its asset portfolio in the region through such strategic real estate transactions.
The transaction highlights a renewed interest from "long-dormant old money" in Hong Kong's retail property sector. For investors and companies holding significant real estate assets in the city, this signals ongoing liquidity and potential for divestment. The activity suggests a receptive market for strategic property sales, particularly for well-located commercial spaces. Businesses evaluating their physical footprints in Hong Kong may consider similar asset monetisation strategies.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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