Former Hiconics Chairman Sells Mount Nicholson House at New Low of HK$470 Million
Thestandard · 1 SOURCESabout 2 hours ago1 MIN
Summary
Former Beijing Hiconics chairman Liu Jincheng has sold his detached house at Mount Nicholson on The Peak for HK$470 million, setting a new price low for the luxury development. The 8,050 sq ft property, purchased in July 2017 for HK$645 million, represents a significant depreciation for the seller after nine years of ownership.
Key Points
- Liu Jincheng, former chairman of Beijing Hiconics, sold his Mount Nicholson detached house for HK$470 million, or HK$58,385 per sq ft
- The property spans 8,050 sq ft internally, with a 4,181 sq ft garden and 1,622 sq ft courtyard
- Liu purchased the house in July 2017 for HK$645 million (HK$80,124 per sq ft), recording a depreciation of HK$175 million, or 27 percent
- Including stamp duty and other fees, his actual loss totals approximately HK$370 million
- At his peak, Liu had aggressively acquired more than 20 luxury properties
Why It Matters
This transaction signals continued correction in Hong Kong's ultra-prime residential market, with even prominent mainland executives accepting substantial losses on premium properties. The Mount Nicholson sale provides a key data point for assessing the depth of price adjustments in the city's top-tier real estate segment.
This transaction signals continued correction in Hong Kong's ultra-prime residential market, with even prominent mainland executives accepting substantial losses on premium properties. The Mount Nicholson sale provides a key data point for assessing the depth of price adjustments in the city's top-tier real estate segment.