香港麥當勞近期決定出售旗下持有的全部店舖物業，掀起市場與媒體的高度關注。這次出售涉及總市值逾 30 億港元的資產，首階段將釋出8間位於黃金地段的商舖，包括尖沙咀星光行地庫、銅鑼灣怡和街等一線地段。值得注意的是，這些商舖雖然被出售，但麥當勞門店本身的經營權與營運數量並未改變，也就是說，麥當勞不會撤出這些地點，而是從「業主」變成「租客」，繼續在原址營運。

這次大規模出脫資產，並非因為業務不振，而是一項明確的策略性財務調整。麥當勞早年在香港購置店舖作為自用資產及長線投資，這些物業多年來不僅穩定提供租金收益，更因地段優越而大幅升值。然而，近年來香港零售地產市場逐步回調，整體商舖價格與租金均出現下滑。市場需求疲弱，加上消費習慣轉變，傳統零售面臨結構性壓力，促使企業重新思考資產配置策略。

麥當勞此時選擇出售舖位，是典型的「輕資產化」操作。透過出售高價資產，麥當勞可以將沉澱在地產上的資金釋放出來，進一步強化現金流，投入品牌升級、數位化轉型、物流系統優化或是海外擴張。它不再需要背負業主的責任，而是專注於核心的餐飲經營。這樣的操作，不僅降低資產管理風險，也能提高企業營運彈性，在市場變動中保持競爭力。

此外，此舉也與麥當勞全球策略一致。自從2017年將中國與香港地區的主營權轉讓予中信資本與凱雷集團後，麥當勞已朝「地區特許經營＋輕資產運營」模式發展。這意味著，品牌不再直接持有大量實體資產，而是交由合作夥伴經營，在控股比例下降的同時，企業專注於品牌授權、標準化管理與系統監控。

另一方面，這些物業本身因地段稀缺、租金收益穩定，對投資者具有高度吸引力。例如尖沙咀星光行地庫的物業，目前月租收入超過130萬港元，過去估值一度高達10億，如今即使市值回調至約4.6億，依然是投資市場上的熱門標的。麥當勞將這類資產打包出售，雖然單筆交易金額龐大，但對於投資者來說仍具吸引力，因為未來租金回報率與資本增值潛力可期。

整體而言，麥當勞此次出售香港商舖的舉措，並不代表業績下滑或市場撤退，而是企業順應市場環境變化、實現資產活化的財務策略。它讓麥當勞得以將經營重心拉回餐飲本業，同時透過回租模式確保營運不中斷，實現「資產減重、效能增強」的雙重目標。這也是當代許多國際企業面對不確定經濟局勢時，所採用的一種穩健而靈活的方式。

McDonald’s Hong Kong has recently drawn widespread attention after announcing its decision to sell off all of its self-owned retail properties across the city. This major move involves a portfolio estimated to be worth over HK$3 billion, with the first phase offering eight prime commercial properties located in top-tier districts such as Tsim Sha Tsui’s Star House and Yee Wo Street in Causeway Bay. Notably, these properties are being sold under a sale-and-leaseback model—while McDonald’s will no longer own the premises, it will continue operating its restaurants in the same locations. The number of McDonald’s stores in Hong Kong, currently around 256, will remain unchanged.

The reason behind this large-scale property disposal is not due to poor business performance, but rather a clear and deliberate financial strategy. McDonald’s had purchased several of these properties in earlier years for both operational use and long-term investment. Over the years, these shops appreciated significantly in value due to their prime locations and stable rental income. However, the commercial real estate market in Hong Kong has softened in recent years, with declining shop prices and rents amid changes in retail habits and overall economic shifts. These developments have prompted companies like McDonald’s to reassess their asset portfolios.

This move is a classic example of a shift toward a “light asset” model. By selling high-value properties, McDonald’s can unlock significant capital, strengthen its cash flow, and redirect funds into core business operations such as brand enhancement, digital transformation, logistics upgrades, or international expansion. Rather than being weighed down by property ownership and management responsibilities, McDonald’s can now focus solely on what it does best—running its restaurant business. This approach not only reduces asset management risks but also improves operational flexibility and responsiveness in a volatile market.

The decision also aligns with McDonald’s broader global strategy. Since the 2017 sale of its mainland China and Hong Kong operations to CITIC Capital and The Carlyle Group, McDonald’s has been moving towards a regional franchise and asset-light model. This means stepping away from directly owning large volumes of physical assets and instead focusing on brand licensing, operational standardization, and system oversight.

From an investor perspective, the commercial properties being sold remain highly attractive due to their rare locations and stable rental yields. For instance, the basement unit of Star House in Tsim Sha Tsui currently generates over HK$1.35 million in monthly rental income. Although its estimated market value has dropped from HK$1 billion to around HK$460 million due to broader market corrections, it remains a lucrative investment opportunity. The bundled sale of such properties offers investors long-term value in terms of rental returns and potential appreciation.

In summary, McDonald’s sale of its retail properties in Hong Kong is not a retreat from the market but rather a strategic financial maneuver in response to evolving economic conditions. The company is capitalizing on the value of its real estate to boost operational efficiency while maintaining its restaurant footprint through leaseback arrangements. This enables McDonald’s to “slim down” its assets while enhancing agility and focus—an increasingly common strategy among global corporations navigating today’s uncertain economic environment.