The family of Ho Shung-pun, a low-key clan of real estate developers in Hong Kong, has put a commercial property on the block after selling several luxury houses on The Peak last year to repay debt.
Colliers is the sole agent for the five-storey building located at 18 Bute Street in Mong Kok. Ho is the director of the Kowloon Investment, which bought the building in 1971 for HK$420,000 (US$53,580), according to official records.
The total gross floor area of the building is about 13,000 sq ft, with an average area of 2,550 sq ft per floor, according to Colliers. The property agent said the indicative price for the vacant building, listed on Wednesday, was HK$350 million.
Last year, the sale of multiple houses on The Peak fetched the family about HK$3 billion.
The Ho family sold a town house at 28 Peak Road for HK$1.05 billion in November to Zhansheng Network Technology, according to official records.
In October, the family sold three units at 99, 101 and 103 Plantation Road to an executive of Hong Kong-listed power-tools maker Techtronic Industries for HK$828 million. The proceeds from the sale were partially used to repay a HK$1.6 billion private loan extended to the Ho family by Gaw Capital that was due in January, sources told the Post.
