Lunar New Year Fair stall auction results released

The Victoria Park Lunar New Year Fair stall auction results for the first two days have been released.
On Tuesday, 140 dry goods stalls and eight thematic stalls were successfully let. Some 1150 people attended the auction at Queen Elizabeth Stadium in Wan Chai, a spokesman for the Food and Environmental Hygiene Department (FEHD) said.
The average bid price for the dry goods stalls was $23,992, with the successful bids ranging from $13,710 to $72,000. The highest bid, $72,000, was almost five times the opening price of $13,710. The successful bids of the eight thematic stalls ranged from $40,150 to $69,000, with an average of $54,163, against an opening price of $40,150.
On the first day, Monday, 180 wet goods stalls and three fast food stalls were successfully let.
The average bid price for the wet goods stalls was $21,646, with the successful bids ranging from $10,490 to $83,200. The highest bid of $83,200 was about eight times the opening price of $10,490. The auction of wet goods stalls fetched a total of $ 3,896,330, compared with $4,256,020 last year.
For the fast food stalls, the 7.6 x 4.8 metre stall was bid at $820,000, against an opening price of $361,360. The winning bids for the two 5 x 4 metre stalls were $553,000 and $350,000, against an opening price of $193,560.
The FEHD spokesman said successful bidders are not permitted to assign, sublet, transfer or otherwise part with any of the benefits or obligations of this licensing agreement. If found doing so, the department may terminate the agreement and the licensee would be forced to vacate the stalls immediately.

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