Victoria Park Lunar New Year Fair Bidding Heats Up as Dry Goods 'King of Stalls' Reaches $64,000
HK01 · 2 SOURCESabout 5 hours ago4 MIN
Summary
The bidding for Victoria Park's Lunar New Year market stalls for the Year of the Snake saw intense competition on its second day, with a record dry goods stall reaching $64,000 . Approximately 750 people attended the auction held at Lai Chi Kok Government Offices, including many students hoping to secure a spot . The high costs have sparked concerns that young entrepreneurs may be forced to seek opportunities at other, less prestigious Lunar New Year markets across Hong Kong .
Key Points
- Stall 75 near Victoria Park's tennis courts became the "King of Stalls" at $64,000, approximately 40% higher than last year's equivalent position
- Hoxinglong (和興隆) Chaozhou Peanut Candy Executive Director Liu Zhiying secured the premium stall, selling nostalgic Hong Kong snacks for over 10 years at the same location
- Regular dry goods stalls (3m x 1.5m) sold between $18,000 and $64,000, averaging $23,175 against a base price of $8,540
- Large dry goods stalls (4.5m x 2m) fetched between $22,000 and $50,000, averaging $29,870 against a base price of $12,810
- Student organization "Cili" chairman Ma Tong indicated the group may abandon Victoria Park due to costs exceeding budget
Why It Matters
The record-breaking stall prices reflect broader economic pressures facing small businesses in Hong Kong, as vendors bet on the traditional pre-New Year shopping peak to offset high rental costs . The market's significance as a training ground for young entrepreneurs appears under threat, potentially shifting opportunities to other districts like Sha Tin or Tai Po .
The record-breaking stall prices reflect broader economic pressures facing small businesses in Hong Kong, as vendors bet on the traditional pre-New Year shopping peak to offset high rental costs . The market's significance as a training ground for young entrepreneurs appears under threat, potentially shifting opportunities to other districts like Sha Tin or Tai Po .