# How a Hong Kong property investor still made HK$237 mil — after a 40% price cut - **Source:** EdgeProp Singapore - **Published:** 2026-10-08T03:00:00.000Z - **Author:** Chris Tsang - **Original:** https://www.edgeprop.sg/property-news/how-hong-kong-property-investor-still-made-hk237-mil--after-40-price-cut - **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets ## Featured rationale The steep discount signals weak demand for large retail portfolios and could pressure sellers toward lower pricing, despite substantial long-term gains on prime assets. ## AI summary Ng Kan-hoi sold a Tsim Sha Tsui retail portfolio for HK$256.8 million, over 40% below its asking price, yet gained nearly HK$237 million. ## Original article Amid concerns over rising interest rates and a weak retail property market, a long-time investor has sold a portfolio of prime street shops in Tsim Sha Tsui — held for more than four decades — and locked in a profit of nearly HK$237 million ($38.6 million) despite accepting a deal more than 40% below his original asking price. The portfolio of retail shops in Cheung Lee Commercial Building and the podium of Wing Lee Building, both on Kimberley Road, changed hands for HK$256.8 million, according to Land Registry data. The seller, low-profile investor Ng Kan-hoi, had previously listed the assets for a combined HK$430 million before slashing the price by 40%. Read also: Buyers snap up new Hong Kong flats ahead of likely interest rate rises Ng acquired the properties for a combined HK$19.84 million between 1979 and 1987, during the tense Sino-British negotiations over Hong Kong’s return to mainland Chinese rule and a stock market slump that pushed property prices to depressed levels. After holding the assets for more than 40 years, he realised a gain that was almost 12 times his original investment. Edwin Lee, founder and CEO of Bridgeway Prime Shop Fund Management, said the transaction involved a large portfolio with a substantial total value, but the psf-price was relatively low because it was difficult to find a buyer for the entire package. “When the market was booming, you might not have been able to buy these retail shops even for HK$600 million or HK$700 million,” Lee added. The properties included the basement and ground, first and second floors of the Cheung Lee Commercial Building at 25 Kimberley Road, with a total gross floor area of about 21,871 sq ft. The first and second floors have been leased since May last year to century-old restaurant Lin Heung Tea House for about HK$250,000 a month, equivalent to roughly HK$23 psf. Read also: Hong Kong converts hotels into student dorms The ground-floor tenant is cha chaan teng operator Lok Tin Cafe, while the basement is leased to mainland Chinese karaoke chain Mei KTV. Those assets were ultimately sold for HK$202.8 million, or about HK$9,273 psf. Additionally, Shops 6-10 on the ground floor of Wing Lee Building at 27-31C Kimberley Road, with a total gross floor area of about 2,731 sq ft, sold for HK$54 million, reflecting a price of about HK$19,773 psf. They are currently leased to a noodles restaurant. According to Chinese media reports, Ng had long owned more than a dozen commercial properties in Tsim Sha Tsui, including assets on Cameron Road and at Haiphong Mansion. The sale marks the second major disposal by Ng in recent months. In June, he sold the entire ninth floor of Far East Finance Centre in Admiralty for about HK$165 million, according to Land Registry data. After holding the property for 18 years and reducing the asking price by as much as 38%, he made a profit of only about HK$11.2 million or roughly 7%. ## Chinese translation > Translation model: grok_cli ### 香港一名物业投资者降价40%后，如何仍赚得2.37亿港元 尽管将叫价削减40%，Ng Kan-hoi仍在尖沙咀商铺上实现近2.37亿港元的收益。 在市场担忧利率上升、零售物业市场疲弱之际，一名长期投资者出售了持有逾四十年的尖沙咀核心临街商铺组合，尽管成交价较其最初叫价低逾40%，仍锁定近2.37亿港元（3860万新元）的利润。 土地注册处数据显示，位于金巴利道的 Cheung Lee Commercial Building 零售商铺，以及 Wing Lee Building 的平台，以2.568亿港元易手。 卖家、低调投资者 Ng Kan-hoi 此前曾以合计4.3亿港元挂牌出售这些资产，其后将价格削减40%。 另请阅读：买家在利率可能上升之前抢购香港新楼盘 Ng 于1979年至1987年间以合计1984万港元购入这些物业，当时正值中英就香港回归中国内地管治展开紧张谈判，股市低迷将物业价格压至低位。 持有这些资产逾40年后，他实现的收益接近原始投资的12倍。 Bridgeway Prime Shop Fund Management 创始人兼首席执行官 Edwin Lee 表示，这笔交易涉及总价值可观的大型资产组合，但由于难以为整套资产找到买家，每平方英尺价格相对较低。 “在市场兴旺时期，即便出价6亿港元或7亿港元，你也可能买不到这些零售商铺。”Lee 补充道。 这些物业包括金巴利道25号 Cheung Lee Commercial Building 的地库、地面层、一楼及二楼，总建筑面积约21,871平方英尺。 一楼及二楼自去年5月起租予百年餐厅 Lin Heung Tea House，月租约250,000港元，约合每平方英尺23港元。 另请阅读：香港将酒店改建为学生宿舍 地面层租户为茶餐厅经营者 Lok Tin Cafe，地库则租予中国内地卡拉OK连锁品牌 Mei KTV。 上述资产最终以2.028亿港元售出，约合每平方英尺9,273港元。 此外，金巴利道27-31C号 Wing Lee Building 地面层6-10号商铺总建筑面积约2,731平方英尺，以5400万港元售出，对应价格约每平方英尺19,773港元。 这些商铺目前租予一家面条餐厅。 据中国媒体报道，Ng 长期在尖沙咀拥有超过十二项商业物业，包括金马伦道上的资产以及海防大厦的资产。 此次出售标志着 Ng 近几个月来的第二宗重大资产处置。 土地注册处数据显示，他于6月以约1.65亿港元出售金钟远东金融中心的整个九楼。在持有该物业18年、并将叫价下调多达38%之后，他仅获利约1120万港元，约合7%。