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Hermès sells 4 stores in Hong Kong

French luxury handbag maker Hermès International Société en commandite par actions sold four of its flagship stores in Hong Kong for HK$670 million, South China Morning Post reported March 13, citing data from the region's land registry.

The stores on the ground floor of The Galleria at 9 Queen's Road were reportedly sold to a group of companies called Infinite Gain, a wholly owned subsidiary of real estate company Chelsfield Asia.

Hermès bought the stores, which total 7,500 square feet, for HK$190 million in 2002.

The sale comes a month after the luxury handbag maker moved to a three-story, 10,000-square-foot space in Prince's Building at 10 Chater Road, with a monthly rent of about HK$4 million, the newspaper said.