Takings fall in Lunar New Year Fair stall auction

The open auction for stalls at the 2016 Victoria Park Lunar New Year Fair concluded yesterday with total revenue down despite Monday’s stellar start.
The total amount paid for stall licences was $12,031,823 compared with $14,100,610 last year.
A total of 448 stalls at the fair, including 257 for dry goods, 180 for wet goods, eight for thematic and three for fast food, were successfully let out during the open auction at the Queen Elizabeth Stadium.
To round up the results of the auction for the dry goods stall held Tuesday and Wednesday,, the successful bids ranged from $13,300 to $120,000, which averaged out at $22,183. The highest bid of $120,000 was about nine times of the opening price of $13,300.
The auction of dry goods stalls fetched a total of $5,701,103, compared with $8,859,550 last year.
The three auction days attracted over 2270 participants in total.
Auctions for stalls at the four LNY fairs in Kowloon will start next Tuesday (November 17) at the same venue while the auction for stalls of Tung Chung Road Soccer Pitch LNY Fair on Lantau Island will be held this Friday (November 13) at Rooms 1413 and 1414, Harbour Building, 38 Pier Rd, Central with the auction session scheduled from 9.30am until completion of the auction.
A spokesman for the Food and Environmental Hygiene Department reminded the successful bidders not to assign, sublet, transfer or otherwise part with any of the benefits or obligations of the licence agreement. Otherwise, the Department may terminate the agreement and the licensee shall immediately vacate the stalls. Licence fee will not be refunded.

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