A dry goods stall that sold for HK$50,000 has emerged as this year's top seller at the Victoria Park Lunar New Year Fair—marking a slight drop of about 2 percent from last year.
The sale came as bidding continued on Thursday for 138 dry goods stalls. Starting prices for regular and large stalls remained unchanged from last year at HK$8,540 and HK$12,810, respectively.
The auction opened in the morning with the large stalls, where last year's highly sought-after Stall 1 sold for HK$34,000—about 30 percent less than last year—to the same bidder.
The winning bidder, Lai, said his family had sold traditional snacks such as put chai ko (red bean pudding) at the same stall near the park entrance for more than a decade, hoping to pass on Hong Kong culture.
As this year's price was lower than his expectation of HK50,000 to HK60,000, he anticipates eased business pressure along with recovering spending power.
After several rounds of bidding, Stall 46—located near the tennis courts and the Hing Fat Street exit in Tin Hau—emerged as the top seller at HK$50,000, which is roughly HK$1,000 below last year's peak.
The remaining stalls sold for between HK$20,000 and HK$40,000, with those located at the court entrances fetching over HK$40,000.
Stallholder Choi, who plans to sell snack-shaped plush toys, expressed concern that business might be slow.
"The fair's timing isn't great, as the days leading up to Lunar New Year fall on weekdays without a long holiday," he said, adding that he hopes for a small profit similar to last year's.
The public auction also drew student bidders, with students from the Hong Kong Chinese Women's Club College winning a large stall for HK$27,000.
The student representative, who worked at her school's fair stall last year and returns as a bidder, said the price was within expectations.
She said she chose a large stall to accommodate more classmates and expects profit to rise about 10 percent after last year met its target.
The remaining 78 dry goods stalls at Victoria Park will go up for auction tomorrow.
Running for seven days from January 31 to February 6 next year, the Lunar New Year Fair will be held at 14 locations citywide, featuring approximately 1,500 stalls.
