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Lunar New Year stalls sell for high premium

Total proceeds from the first of three days of auctions for 2016 Lunar New Year stalls rose by some 30 per cent on last year’s prices.
Yesterday, a total of 180 wet goods stalls and three fast food stalls were successfully leased at auction. The auction for the eight thematic stalls and 284 dry goods stalls were to be held this morning and tomorrow.
Yesterday’s auction of wet goods stalls fetched a total of $4.256 million – a significant increase over last year’s $3.373 million.
The average bid price for the wet goods stalls was $23,645, with the successful bids ranging from $10,170 to $64,000. The highest bid of $64,000 was about six times the opening price of $10,170.
For the fast food stalls, the 7.6 x 4.8 metre stall was bid at $630,000, against an opening price of $350,490. The winning bids for the two 5 x 4 metre stalls were $450,000 and $460,000, against an opening price of $187,740.
Over 660 people attended the auction at Queen Elizabeth Stadium in Wan Chai from 9am to 7.30pm, according to a spokesman for the Food and Environmental Hygiene Department.
Successful bidders have been warned not to assign, sublet, transfer or otherwise part with any of the benefits or obligations of the licensing agreement. If they do so, the department may terminate the agreement and the licensee shall immediately vacate the stalls and there would be no refund of the licence fee.

*Image: Llodesyaubo201 – Lunar New Year in Victoria Park 2014. 

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