• The son of the god of real estate, Chiu Long, has rented out a ground floor shop on Russell Street for HK$150,000 to promote NFT to the young clientele

  • Once the world’s most expensive street rentals in Causeway Bay Russell Street, in recent years, there are frequent short term rentals. Market sources reveal that the ground floor shop on Russell Street held by Soundwill Holdings Limited has recently been short-leased for three months by a company owned by Chiu Long, the son of Cheung Kong Kwok-hung, the executive director of “God of Real Estate”, at a monthly rent of only about HK$150,000, with the rent per square foot as low as HK$166.

    The shop is a ground floor shop in the center of Soundwill Holdings Limited, with an area of about 900 square feet, originally rented by Swiss watch brand Audemars Piguet for about $1.1 million per month. The rent is about HK$150,000 per month, which is HK$950,000 or 86% lower than the old rent.

    According to our understanding, the above-mentioned short term rental space was opened in the last week to promote the art gallery’s integration of non-homogenized tokens (NFT), mainly targeting the young clientele. In the past, PONG Group mainly opened bars, restaurants and leisure and entertainment venues. Earlier, Zhao Lang said that the Group is committed to integrating the second generation Internet and physical retail model, and believes that NFT will become a major market trend.

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