Kaishi Cake sold the entire property in the Castle Peak Road-Yuen Long section of Yuen Long for NT$58 million. Sources indicate that the new buyer is Hang Heung Old Bakery. (Screenshot from the Internet)
Kaishi Cake Shop, a local bakery chain which has been in financial trouble in recent years, originally owned the entire property on Castle Peak Road in Yuen Long.After it became a bank owner two years ago, The latest information indicates that the property was sold for NT$58 million at the beginning of this month. For sale, the total area of the entire property is 3,544 square feet, and the price per square foot is NT$16,366. It is understood that the new buyer is Hengxiang Old Bakery or related parties.
The above transaction is for the entire property at No. 62 Castle Peak Road – Yuen Long Section, Yuen Long According to the information, the new buyer of the property is Hoi Kiu Property Co, Ltd. The company’s directors include Han Yitong and Wang Weiliang , who have the same names as the directors of Heng Heung Old Bakery. It is expected that they are the same person or related persons. After checking the information, Xiao Weijian, the owner of Kaishi Cake Shop, bought the above property in the form of “shell purchase” in 2014. The transaction price at the time was rumored to be as high as about 140 million However, the shop has been mortgaged several times in recent years, and finally at the end of 2022 It was seized and turned into a money owner; the original owner had owned the property for 10 years, and the sale required a significant book loss of NT$82 million, with depreciation of more than 58% during the period.
The Kaishi Cake Shop, which is in financial trouble, has suffered multiple losses in recent years and has sold its goods to replace them. (Information picture)
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The original article was published on AM730
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