Wong Kar-wai Slashes Shouson Hill Villa Price by HK$50 Million
Thestandard · 1 SOURCES1 day ago2 MIN
Summary
Acclaimed Hong Kong film director Wong Kar-wai or related parties have slashed the asking price of their luxury detached house on Shouson Hill Road by HK$50 million, bringing it down to HK$150 million . The property, located at Jade Crest in Southern District, was originally listed at HK$200 million in March this year, representing a 25 percent reduction . Despite the significant price cut, the current asking price of approximately HK$59,335 per square foot remains more than 10 percent above prevailing market values, according to property agents .
Key Points
- The 2,528-square-foot house features four bedrooms and a private garden, newly renovated throughout
- Wong or related parties acquired the property through a company purchase in 2002 for HK$16.8 million
- The reduced price still represents a gain of HK$133 million, or 7.9 times, over the original purchase price
- The property is also available for rent at HK$148,000 per month, with viewings by appointment only
- Wong Kar-wai currently holds at least 22 properties across Hong Kong, including 17 commercial and industrial units
- All three residential units in the portfolio have seen price reductions in the past 18 months
Why It Matters
The substantial price adjustment by one of Hong Kong's most internationally recognized cultural figures signals continued caution among high-net-worth property owners amid market uncertainty, while the Shouson Hill villa's premium over market value despite the cut suggests prime residential prices in Hong Kong's most exclusive neighborhoods remain resilient .
The decision to reduce the asking price by a quarter while maintaining strict privacy—no photographs permitted—reflects the balancing act facing wealthy property owners seeking liquidity without compromising personal privacy in a closely-watched market .
The substantial price adjustment by one of Hong Kong's most internationally recognized cultural figures signals continued caution among high-net-worth property owners amid market uncertainty, while the Shouson Hill villa's premium over market value despite the cut suggests prime residential prices in Hong Kong's most exclusive neighborhoods remain resilient .
The decision to reduce the asking price by a quarter while maintaining strict privacy—no photographs permitted—reflects the balancing act facing wealthy property owners seeking liquidity without compromising personal privacy in a closely-watched market .