Firm tied to Philippines brand Oishi pays US$16.5 million for 2 Hong Kong shops

A company linked to Philippines tycoon Carlos Chan and the producer of Oishi snacks bought two ground floor shops in Hong Kong’s Wan Chai district for HK$128 million (US$16.5 million), according to official documents, adding to the group’s real estate holdings in the city.

In the first two months of the year, retail sales in the city have declined by 7.8 per cent, according to data cited by property consultancy Colliers.

The maker of Oishi prawn crackers and sweet snacks, which has plants in Shanghai, is known in mainland China as Oishi Shanghaojia. Miyazaki was registered in Hong Kong in 1989 as a private company whose directors included Chan Ki See Kiong. Chan holds a Philippines passport and is known there as Carlos Chan, the chairman emeritus of Liwayway Marketing. Oishi is the brand name that Liwayway uses to market its products.

Miyazaki paid HK$53 million and HK$75 million for the York Place shops, which have gross floor areas of 3,337 sq ft and 4,773 sq ft, respectively, according to agents and official records.

The smaller shop, which previously changed hands for HK$50 million in 2010, was being leased by a Vietnamese restaurant for HK$195,000 a month, agents said. The larger property, which last sold for HK$70 million in 2010, was being leased for HK$270,000 a month by a Hong Kong-style cafe.