Hong Kong Auction Flats Sell at Deep Discounts Amid Bidding Frenzy
On.cc · 1 SOURCES1 day ago2 MIN
Summary
Hong Kong's auction market for budget properties remained highly active on Wednesday, October 7, 2026, as six low-priced units changed hands at competitive prices. A rooftop flat in Sham Shui Po sold for only approximately HK$1.21 million, while a tenement building unit on Fuk Wing Street commanded the most intense competition, drawing ten groups of bidders and achieving a 120% price surge. These transactions underscore persistent demand for affordable housing despite market headwinds.
Key Points
- A one-third ownership share in a Sham Shui Po Zhi Fu Building rooftop unit, with 237 sq ft interior and 188 sq ft rooftop, sold for HK$1.21 million—51.3% above its HK$800,000 auction starting price—after fierce competition among three bidders .
- The most competitive lot was a 693 sq ft high-floor tenement unit on Fuk Wing Street (23A-23E), sold by adverse possession without title deed, fetching HK$1.9 million or HK$2,742 per sq ft after a 124% premium over its HK$850,000 starting price .
- A renovated 395 sq ft unit in Sai Ying Pun's Mei Shing Building on Queen's Road West near MTR Hong Kong University Station sold for HK$3.8 million (HK$9,620 per sq ft), despite being held by a liquidator .
- Two bank-held properties also sold: a 343 sq ft Tsing Yi Greenview Garden flat for HK$4.3 million, and a 285 sq ft Wong Chuk Hang industrial building rooftop unit for HK$1.3 million .
- Cheng Cheng Auction General Manager Zheng Shijie noted that the Fuk Wing Street tenement, typically valued at HK$2.5 million, sold 24% below that estimate, illustrating how auction pricing can diverge from conventional market valuations .
Why It Matters
The robust auction activity for sub-HK$2 million properties signals that Hong Kong buyers remain acutely price-sensitive, willing to accept unconventional arrangements—such as partial ownership or missing title deeds—to enter the property market. For policymakers, these transactions highlight the structural demand for affordable housing, even as official valuations suggest further upside potential in the lower tier of the market .
The robust auction activity for sub-HK$2 million properties signals that Hong Kong buyers remain acutely price-sensitive, willing to accept unconventional arrangements—such as partial ownership or missing title deeds—to enter the property market. For policymakers, these transactions highlight the structural demand for affordable housing, even as official valuations suggest further upside potential in the lower tier of the market .