Real (Expensive) Estate

Want to know why Hong Kong is an expensive city?

Here's a good example:

This shop in Yee Wo Street, in the heart of Hong Kong Island's Causeway Bay shopping mecca, has just become the costliest piece of retail real estate in the city's history. It changed hands this week for $80 million, or a record $133,000 per sq ft. The 600 sq ft shop went to a corporate buyer whose identity was not disclosed by agents Centaline Property. The shop is leased to the well-known traditional medicine maker Eu Yan Sang for $338,000 a month.

The shop is paying a monthly lease amount more than 2.5 times the value of the buying price per square foot. The lease is close to US $50,000 per month.

No wonder places like this sell ginseng roots for $67,678.

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