Eunis Chan, Angela Leong Cash Out Luxury Hong Kong Properties Ahead of Rate Hikes
SCMP · 1 SOURCES1 day ago2 MIN
Summary
As interest rate increase expectations cast a shadow over Hong Kong's property market, prominent figures including model-actress Eunis Chan Ka-yung and billionaire Angela Leong On-kei have opted to sell their luxury properties, according to market sources . Chan sold a two-bedroom flat in Mid-Levels for HK$32.25 million, earning a profit of approximately 130 per cent after holding the property for nearly 17 years. Leong, a Macau legislator and the fourth wife of late casino tycoon Stanley Ho Hung-sun, divested a detached house in Sai Kung for HK$70 million, though this sale yielded less than 2 per cent gain . Property agents indicate that while sellers have become more flexible on pricing, buyers are increasingly hesitant, adopting a wait-and-see stance ahead of potential rate changes.
Key Points
- Eunis Chan Ka-yung sold her two-bedroom flat at Tower 2, Regent On The Park in Mid-Levels for HK$32.25 million (US$4.1 million), representing a profit of over 130 per cent .
- The 1,094-square-foot property originally listed at HK$36 million in July 2024 was reduced by HK$3.75 million, or more than 10 per cent, before the sale .
- Angela Leong On-kei sold a four-bedroom detached house at Royal Castle on Pik Sha Road in Sai Kung, featuring a 2,259-square-foot saleable area, a garden exceeding 2,500 square feet, a swimming pool, and a 1,018-square-foot rooftop terrace .
- The Sai Kung property was originally listed for sale several years ago at HK$168 million but eventually sold for HK$70 million, netting Leong less than 2 per cent on the transaction .
- Frankie Liu, sales director at Century 21 Goodwin Property, noted that buyers are exercising strong caution amid expectations of interest rate increases and a lack of other positive market news .
Why It Matters
The decisions by high-profile sellers to offload luxury properties signal growing uncertainty in Hong Kong's property market, where interest rate expectations are reshaping both seller and buyer behaviour . This trend could indicate a broader market adjustment as wealthy property owners seek to capitalise on gains before potential rate increases further cool demand.
The decisions by high-profile sellers to offload luxury properties signal growing uncertainty in Hong Kong's property market, where interest rate expectations are reshaping both seller and buyer behaviour . This trend could indicate a broader market adjustment as wealthy property owners seek to capitalise on gains before potential rate increases further cool demand.