2nd October 2026 – (Hong Kong) McDonald’s has continued trimming its Hong Kong property portfolio by disposing of a large duplex shop at 10–22 Tsuen Wan Market Street for HK$120 million, ending a 39‑year hold and crystallising an estimated book gain of about HK$112 million, or nearly 14 times its 1987 purchase price of HK$8 million. The site opened on 18th November 1978 and is recognised as the fast‑food chain’s first restaurant in the New Territories.
Corporate filings show the buyer as Keen Charm Holdings (HK) Limited, whose board comprises three directors with the surname Ngan, including veteran toy‑industry figure Ngan Yat Ching. The strata property spans the ground to second floors of Cheuk Ming Building and totals about 12,251 square feet, implying an acquisition benchmark close to HK$9,800 per square foot.
Following completion, McDonald’s will remain as tenant under a sale‑and‑leaseback arrangement running to November 2036. Based on the current monthly rent of roughly HK$654,000, the buyer is expected to achieve an initial yield of around 6.5 per cent. The transaction price is about 25 per cent below the HK$160 million guide when the asset was previously offered by tender last year, reflecting a more selective investment climate while still locking in substantial long‑term gains for the seller.
The Tsuen Wan disposal forms part of a multi‑year rationalisation in which McDonald’s has marketed some two dozen shop properties across the city. Public reports indicate roughly a dozen sales have completed since mid‑2025, realising proceeds in excess of HK$1.098 billion, including a July deal for a Tai Po ground‑floor basket at about HK$126 million.
