Super-Rich Selling Hong Kong Trophy Homes at Steep Losses as Market Cools
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong's ultra-wealthy property owners are selling trophy homes at steep losses despite a rebound in demand for luxury residences. Recent transactions show financially pressured sellers accepting eye-watering discounts of up to 45 percent, even as market activity in the super-prime segment picks up. The deals highlight the divide between market revival and individual seller circumstances.
Key Points
- A 3,792 sq ft house at Bel-Air in Pok Fu Lam sold for HK$138 million in August, down more than 20 percent from the HK$175 million paid by former owner Shie Thomas in 2018 .
- The seller, Shie Serena She-wing, signed the agreement with buyer Chen Dongqiong in June, with the assignment registered on August 18, after the property was mortgaged to Dah Sing Bank in 2022 .
- At The Morgan on Conduit Road, a nearly 4,000 sq ft home with private terrace sold for HK$190 million on August 3, representing a 45 percent loss from the HK$344 million paid in 2018 .
- An 8,855 sq ft duplex at Mount Nicholson fetched approximately HK$550 million in June, a 7.3 percent decline from the HK$593 million purchase price in 2017 .
- The Mount Nicholson seller, Chen Jiarong, is reportedly affiliated with Shenzhen developer Kingkey Group, suggesting mainland Chinese capital is also taking losses on Hong Kong luxury assets .
Why It Matters
These losses demonstrate that Hong Kong's luxury property market revival is uneven, with financially distressed sellers forced to accept steep discounts while more patient owners hold out for better prices. The transactions suggest some wealthy owners face liquidity pressures despite the overall market uptick, and could signal further supply entering the market from sellers seeking to exit .
These losses demonstrate that Hong Kong's luxury property market revival is uneven, with financially distressed sellers forced to accept steep discounts while more patient owners hold out for better prices. The transactions suggest some wealthy owners face liquidity pressures despite the overall market uptick, and could signal further supply entering the market from sellers seeking to exit .