Abandoned Peng Chau cinema heads to auction
SCMP · 1 SOURCESabout 2 hours ago1 MIN
Summary
A derelict former cinema on Peng Chau, known in recent years as a photogenic stop for visitors, is due to be auctioned in mid-August after decades of disuse. The opening bid is HK$8.3 million, below the auctioneer’s estimated value of about HK$12 million, after the sale was pushed back from July 29 because formalities were still being completed.
Key Points
- Peng Chau Cinema opened in 1978 and closed in 1987, after the island’s industrial base shrank with the decline of steel pipe mills and match factories.
- The property now being offered is the cinema section of the Far East Consortium Peng Chau Building, including the main area, exterior walls and solar power system.
- Memfus Wong Auctioneers said the sale was moved from July 29 to mid-August because some formalities had yet to be finalised.
- The gross floor area totals 907 square metres, and the HK$8.3 million opening bid works out to about HK$9,151 per square metre.
- The current owner is Far East Hotels and Entertainment Limited, whose major shareholder is Derek Chiu, sixth son of Far East Consortium founder Deacon Chiu.
Why It Matters
The auction will test whether a buyer sees value in reviving or repurposing a highly visible but long-idle site on an outlying island. It also puts a spotlight on how former community landmarks tied to Hong Kong’s vanished industrial pockets are being handled decades after their original economic role faded.