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Lok Heung Yuen Coffee Shop to close in Central

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  1. #1

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    Lok Heung Yuen Coffee Shop to close in Central

    Over half-a-century-old Lok Heung Yuen Coffee Shop to close on Monday
    For more than six decades, the Lok Heung Yuen Coffee Shop in Gilman’s Bazaar has been a popular hangout for office-goers in the area looking for a break from work.
    But now, all those good things will come to an end as the famed eatery is preparing to close its doors, becoming the latest casualty of the ever-rising property rental costs in the city.
    The owner Kong Kit-fong, who took up the operation from the 95-year-old founder who passed away early this year, decided to call it quits after the expiry of a two-year lease.

  2. #2

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    Sad times

    That’s what I don’t get about some commercial landlords in HK, Always increasing rents whenever the contract is up for renewal then go through the hassle of finding a new tenant and paying extra fees etc to agents and also losing rent whilst it’s empty.

    We own two commercial properties and the tenants have been with us for over 10 years, We charge just below market rate thus rewarding loyalty.

    We don’t need the extra cash as it’s stability we’re more concerned about especially with the fact that we’re based overseas now.

    They pay on time and are no hassle to us, So why bother to increase constantly for the extra bit of cash?


  3. #3

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    Quote Originally Posted by jimbo:
    We charge just below market rate thus rewarding loyalty. We don’t need the extra cash as it’s stability we’re more concerned about
    Locals will say you are CHI SIN. they are all want extra cash LOL
    angeluscomplex likes this.

  4. #4

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    Quote Originally Posted by chuckster007:
    Locals will say you are CHI SIN. they are all want extra cash LOL
    More of a ball ache upping the rent and the risk of them moving out leaving the place empty and paying agency fees till a new tenant moves in.

  5. #5

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    Quote Originally Posted by jimbo:
    Sad times

    That’s what I don’t get about some commercial landlords in HK, Always increasing rents whenever the contract is up for renewal then go through the hassle of finding a new tenant and paying extra fees etc to agents and also losing rent whilst it’s empty.

    We own two commercial properties and the tenants have been with us for over 10 years, We charge just below market rate thus rewarding loyalty.

    We don’t need the extra cash as it’s stability we’re more concerned about especially with the fact that we’re based overseas now.

    They pay on time and are no hassle to us, So why bother to increase constantly for the extra bit of cash?
    you should see the contract if you want to open a shop in a mall. It's called turnover rent, where you pay a percentage of your turnover to the landlord, you also have to disclose everything about your revenue etc.... They also put a minimum amount they will charge and will take whichever is the highest.

  6. #6

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    Quote Originally Posted by Plutark:
    It's called turnover rent, where you pay a percentage of your turnover to the landlord, you also have to disclose everything about your revenue etc....
    Just curious, can you fake the revenue? Cause I think they don't have right to see your tax submission?

  7. #7

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    Quote Originally Posted by bobobo:
    Just curious, can you fake the revenue? Cause I think they don't have right to see your tax submission?
    Point of sale machine access ...

  8. #8
    Quote Originally Posted by Plutark:
    you should see the contract if you want to open a shop in a mall. It's called turnover rent, where you pay a percentage of your turnover to the landlord, you also have to disclose everything about your revenue etc.... They also put a minimum amount they will charge and will take whichever is the highest.
    Just wondering... isn't this also of benefit for the tenant to have a lower rental price in case revenue is low?

  9. #9

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    I've heard that in DB the shops and restaurants pay rent AND a percentage of turnover..... one reason M&S refused to pursue opening a food shop there.


  10. #10

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    I just hope Wing Lok Yuen on Chiu Lung Street doesn't go the same way. I grew up on their double hot dogs with special sauce being a favourite after school treat. And I do still often have a little need I have to itch

    Anyone else love this little taste of Hong Kong?


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