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Second Four Seas Building sold, for $250 million

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Photo: Google

On 17 December 2017 BUZZ reported that planning permission had been sought to turn one of the Four Seas Buildings in Hong Ting Road into a school after the owners sold it for HK$368 million. On Monday it was announced that Hong Kong Food Investment Holdings agreed to sell their other building opposite for HK$250 million.

The Four Seas eFood Centre is building with four floors and has a total gross floor area of about 5,573 square metres, the frozen meats and consumer goods trader said in a statement to the stock exchange. The building is currently being used as Hong Kong Food’s office, and the company will relocate to new premises, it added.

Hong Kong Food expects to realise a gain of HK$199 million, which it intends to use for expanding meat trading business and for general working capital.

The buyer is Highwin Investment Limited, a company incorporated in Hong Kong on 31 August 2017 principally engaged in investment holding. It is run by Tang Shing Bor. According to Forbes, Tang Shing-bor is a retail magnate who made his mark when he built up a portfolio of retail shops, in the hundreds, before the turn of the century. Known fondly as Uncle Bor for his uncanny success in real estate, he has also earned himself the nickname Shop King. Spurred by a change in government policy to gentrify the city’s industrial areas, he invested in industrial buildings, shopping malls and hotels.

There are no public plans at the moment for the future of this building.

The previous sale was to Well Harbour (HK) Ltd., also a new company formed in early 2017.

 

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