McDonald's to sell eight Hong Kong retail spaces valued at HK$1.2 billion: JLL
The McDonald's outlets in the locations will remain operational, JLL executive director of capital markets Eunice Tang said.
Hong Kong Economic Times reported earlier on Monday that McDonald's planned to sell all of its 23 retail spaces – valued at nearly HK$3 billion in total – in batches, but it would continue operating in existing locations as tenants, and the sale would not affect its operations in the city.
McDonald's has around 256 restaurants in Hong Kong, the report said, many in rented spaces.
McDonald's could not be immediately reached for comment.
In 2017, Chicago-based McDonald's sold an 80 per cent stake in its mainland Chinese and Hong Kong operations to a group that included Citic, its investment arm Citic Capital, and Carlyle Group for up to US$2.1 billion. But the assets remain under McDonald's.
The sale of the eight retail properties is offered through a public tender that ends on Sep 16. JLL said it had already received significant interest from a wide pool of potential investors.
All the properties are secured with long-term McDonald's leases, and they are available for purchase either individually or as a portfolio, it added.
Overall prime street rents in the first quarter have fallen back to 2003 levels, as Hong Kong's retailers battle shifting consumer habits that have led to a wave of store closures. REUTERS
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
2 hours ago
- CNA
Trump orders extra 25% tariff on Indian goods, straining trade ties further
WASHINGTON: US President Donald Trump on Wednesday (Aug 6) ordered an additional 25 per cent tariff on goods from India for its purchases of Russian oil, in a move that threatens to severely disrupt bilateral trade and marks the sharpest downturn in ties since his return to office. The tariff, set to take effect in three weeks, comes on top of a separate 25 per cent duty entering into force on Thursday, according to the text of the executive order released by the White House. The order also threatens potential penalties on other countries deemed to be "directly or indirectly importing Russian Federation oil". Exemptions remain for items targeted by separate sector-specific duties such as steel and aluminium, and categories that could be hit, like pharmaceuticals. The White House said the move was "necessary and appropriate". INDIA HITS BACK India's foreign ministry said the decision was "extremely unfortunate" and that New Delhi will take all actions necessary to protect its national interests. "Our imports are based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India," it said in a statement. "It is therefore extremely unfortunate that the US should choose to impose additional tariffs on India for actions that several other countries are also taking in their own national interest." Trump has been ramping up pressure on India after signalling fresh sanctions on Moscow if it did not make progress by Friday towards a peace deal with Kyiv, as Russia's invasion of its neighbour drags on. India's national security adviser was in Moscow on Wednesday, media in New Delhi reported, coinciding with a visit by US envoy Steve Witkoff. India's foreign ministry earlier said US pressure to stop it from buying Russian oil was "unjustified and unreasonable" and that it would protect its interests. ECONOMIC FALLOUT FOR INDIA Analysts say the new tariffs, which could push Indian export duties to as high as 50 per cent, will impact sectors such as textiles, footwear, gems and jewellery. India exported nearly US$87 billion worth of goods to the US in 2024. 'This is a severe setback. Nearly 55 per cent of our shipments to the US will be affected,' said S.C. Ralhan, president of the Federation of Indian Export Organisations. Indian exporters now face a 30 to 35 per cent disadvantage compared with competitors in Vietnam, Bangladesh and Japan, economists warn. The move follows five rounds of stalled trade talks, derailed by disagreements over US access to Indian agriculture and dairy markets, and New Delhi's refusal to cut Russian oil imports, which hit a record US$52 billion last year. The timing of the tariffs, effective 21 days after Aug 7, suggests Washington may still be open to negotiation, according to Indian officials. 'We still have a window,' a senior official said, adding that phased cuts in Russian oil imports could be part of a compromise. NO RETALIATION PLANNED India has not announced any retaliatory tariffs or plans for a high-level visit to Washington. Instead, the government is considering domestic relief for exporters, including loan guarantees and interest subsidies. A sharp drop in shipments to the US could drag India's GDP growth below 6 per cent this year, down from the central bank's 6.5 per cent forecast, said Sakshi Gupta of HDFC Bank. Markets responded with caution, the Indian rupee weakened in offshore forwards trade, and equity futures fell modestly. 'Unless there's swift clarity or a breakthrough, a near-term knee-jerk market reaction is inevitable,' said Mayuresh Joshi, head of equity research at Willian O' Neil. CHINA EXEMPT, FOR NOW Trump's move could reshape India's economic ambitions. Many American companies have seen India as an alternative to Chinese manufacturing, which Trump had hoped to diminish through the use of tariffs. Even though China also buys oil from Russia, Beijing was not subject to the additional tariffs in the order signed by the Republican president. The US and China are currently in negotiations on trade, with Washington imposing a 30 per cent tariff on Chinese goods and facing a 10 per cent retaliatory tax from Beijing on American products. Meanwhile, Indian Prime Minister Narendra Modi is preparing for his first visit to China in over seven years, raising speculation about a potential shift in New Delhi's strategic alignments.
Straits Times
3 hours ago
- Straits Times
US Open announces record $100m in prize money
Sign up now: Get ST's newsletters delivered to your inbox The US Open prize pool is up from US$75 million in 2024, the previous highest-ever purse. NEW YORK - The US Open announced US$90 million ((S$115 million) in prize money will be on offer at this year's final major, marking the largest purse in tennis history, up 20 per cent from 2024. Top players in the ATP and WTA called for more equitable distribution of revenue at the four Grand Slams this year, as those at the top of the game are able to benefit from increased prize money while players at the lower levels often struggle. The US Open prize pool is up from US$75 million in 2024, the previous highest-ever purse. Men's and women's singles winners will earn US$5 million each, up from US$3.6 million in 2024. The tournament will also see double-digit percentage increases across all rounds in all events, after 'years of a strategic focus on redistribution to the early rounds and qualifying tournament,' organisers said. Singles action at the US Open has been expanded to 15 days, amid booming attendance, and will take place from Aug 24 to Sept 7. A new format in the mixed doubles is being introduced this year, with the event featuring many big-name singles players as it will be taking place over two days in the week before the main competition kicks off at Flushing Meadows. US Open attendance topped one million fans for the first time in 2024. REUTERS
Straits Times
4 hours ago
- Straits Times
Swiss president says tariff talks with US Secretary of State went well
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Swiss President Karin Keller-Sutter talks to the medias after a news conference, after meeting in separate bilateral meetings with Chinese and U.S. delegations ahead of trade talks in Geneva, Switzerland, May 9, 2025. REUTERS/Denis Balibouse/File Photo ZURICH - Swiss President Karin Keller-Sutter said she had a "very good meeting" with U.S. Secretary of State Marco Rubio on Wednesday as Switzerland strives for a deal to avert a crippling 39% tariff on its exports to the United States. Washington is potentially seeking more energy and defence exports to Switzerland, according to a Swiss source familiar with the discussions. In return, the Swiss are looking for lower import duties on goods sold into the U.S., their biggest export market and a leading buyer of Swiss watches, machinery and chocolate. "We had a very good meeting today. We had a very friendly and open exchange," Keller-Sutter told reporters after the meeting at the State Department in Washington. Keller-Sutter did not answer a question about what further offers Switzerland would make to avert the planned 39% tariff on its products. On social media, Keller-Sutter later wrote that she and Rubio had discussed bilateral cooperation, the tariff situation and international issues. Switzerland was stunned by President Donald Trump's decision last week to apply the steep rate - among the highest announced since he launched his global trade reset - which threatens to inflict major damage on its export-orientated economy. Top stories Swipe. Select. Stay informed. Singapore MRT track issue causes 5-hour delay; Jeffrey Siow says 'we can and will do better' Singapore ST Explains: What is a track point fault and why does it cause lengthy train disruptions? Singapore Three people taken to hospital after fire in Punggol executive condominium Singapore Elderly man found dead in SingPost Centre stairwell could have been in confused state: Coroner Singapore 81 primary schools to hold ballot for Phase 2C of Primary 1 registration Singapore S'pore and Indonesia have discussed jointly developing military training facilities: Chan Chun Sing Singapore Two workers died after being hit by flying gas cylinders in separate incidents in 2025 Sport Young Lions and distance runner Soh Rui Yong out of SEA Games contingent Keller-Sutter and Business Minister Guy Parmelin flew to Washington on Tuesday for last-minute negotiations aimed at reducing the tariffs before they go into effect on Thursday. Parmelin had already raised the possibility of Switzerland buying U.S. liquefied natural gas to help secure a better deal. Under a deal the EU struck with Washington last month to secure a 15% tariff rate, Brussels agreed to buy $750 billion worth of LNG, oil, and nuclear energy products over the next three years. While the EU made no formal pledge to buy more U.S. arms, it did indicate to U.S. negotiators that U.S. suppliers would benefit from an increase in defence spending in line with higher NATO commitments agreed under pressure from Trump. Both concessions, along with a pledge to invest more in the U.S., were seen as important in clinching a deal, said a person familiar with the U.S.-EU negotiations. Switzerland already purchases some military hardware from the U.S. and has placed a 6-billion-franc ($7.43-billion) order to buy Lockheed Martin F-35A Lightning II fighter jets. While the Swiss government is focused on sweetening its offer to Washington and says it is not planning countermeasures against the U.S. tariffs, some Swiss politicians have called for the F-35 deal to be scrapped over the trade dispute. LOOMING ECONOMIC HIT The Swiss delegation has no plans to meet Trump, an official said, although the situation could change. Earlier on Wednesday, Keller-Sutter and her team met with Swiss business leaders including Roche Chairman Severin Schwan as well as Alfred Gantner and Marcel Erni, founders of Swiss private equity firm Partners Group. The group, which also included Daniel Jaeggi, president of global energy and commodity company Mercuria, spoke about the tariffs situation, the government said, without giving further details. Further meetings are planned with executives from other Swiss companies present in the United States. Business associations warn that tens of thousands of Swiss jobs are at risk if the 39% tariffs are implemented. Swiss cheese producers, for example, are bracing for a steep drop in sales in the United States, which bought 11% of cheese exports like Gruyere and Emmentaler last year. "The taxes are enormous," said Anthony Margot, a fifth-generation cheese maturer. "We can't replace a market like the United States overnight." The blue chip Swiss Market Index was down 1% in early afternoon trading on Wednesday. WINNING OVER TRUMP Following talks with Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer, Switzerland had agreed a draft statement with the United States in early July that was reported to include a 10% tariff rate. Trump's U-turn on Friday, however, followed what some U.S. officials said was a fraught telephone call with Keller-Sutter. Swiss sources said the call was not a success, but denied there was a falling out between the two leaders. Claude Maurer, chief economist at Swiss thinktank BAK Economics, said it does not matter who the Swiss officials meet with in Washington, as long as the delegation wins over Trump. "Trump's team and the Swiss negotiators apparently already struck a deal. So it's in their mutual interest to get it over the line with Trump himself," said Maurer. REUTERS
