The family of Macau gambling tycoon Lu Qiangguang sold five shops in Chinatown, Singapore, and sold for 5% to 20% lower than the price they paid when they purchased it 10 years ago.

According to the Business Times, the five shop houses are located at 58, 60, 62, 68 and 74 Pagoda Street, with the remaining land deeds of 69 years. These are three-story shop houses that are three-story or contain mezzanines.

The increase in stamp duty and the mortgage interest paid from June 2018 to December 2022 also exacerbates the losses in these storehouse transactions. However, rising rental income and strengthening of the SGD offset some losses.

If calculated based on the industry's estimated store floor area, the selling price per square foot is equal to RMB 2540 to RMB 2660. The price of the shop houses by the Lü family was about 2,810 yuan to 3,210 yuan.

The five shop houses were sold twice this year. The buyer of shop house No. 58 is a locally registered company, Mixcity. The only shareholder of the company is an Singaporean named Xue Dan.

The remaining four shophouses were sold to several companies registered in Singapore at the same time. The only director was Lin Yen Fun, a Malaysian who holds a Singapore permanent resident certificate, and these companies belong to Randa Limited, which was registered in the British Virgin Islands.

The report quoted market insiders as saying that the selling price of these shop houses is low, reflecting the owners adjusting the expected price based on the market conditions and the remaining land deeds of the shop houses.

The transaction price of the five shop houses ranges from RMB 9.2 million to RMB 10.88 million, with a total amount of RMB 50.7 million. The transaction price was lower than the 10.8 million yuan to 12.38 million yuan when the Lu family bought the shop in 2015 and 2016, and the total transaction volume at that time was 58.6 million yuan.