Victoria Park fair fast-food stall fetches HK$280,000 at auction
A fast-food stall at Victoria Park's Lunar New Year Fair was auctioned for HK$280,000 on Wednesday, a rise of more than 20 per cent from last year. Bidding opened in Lai Chi Kok with four fast-food pitches and 180 wet-goods stalls sold.
A fast-food stall at Victoria Park's Lunar New Year Fair sold for HK$280,000 at auction on Wednesday, climbing more than 20 per cent from last year. The sale came as bidding for the fair's stalls opened in Lai Chi Kok on Wednesday morning, with four fast-food pitches and 180 wet-goods stalls auctioned.
The reserve prices for the fast-food pitches and wet-goods stalls were around HK$120,000 and HK$6,530, similar to last year. The two stalls near the Tin Hau entrance sold for HK$280,000 and HK$190,000 respectively, while the two near the Causeway Bay entrance went for HK$260,000 and HK$150,000.
The winning bidder of the HK$260,000 stall, surnamed Chan, said the rise would make it hard to break even and the winning bid had nearly doubled from last year. He cited shrinking crowds and weaker spending by Hongkongers as challenges, but vowed to soldier on after years in the business.
The Food and Environmental Hygiene Department called the bidding heated this year. Responding to reports of a stall sealed off over suspected gambling, the department said an inquiry had confirmed it was a misunderstanding and stressed that patrols would be stepped up.
Bidding for dry-goods stalls will be held on Thursday and Friday, with a reserve price of HK$8,540. The Lunar New Year fair will be held across the city at 14 locations and will run for seven days from January 31 to February 6 next year with around 1,500 stalls.