Mainland Buyer Acquires Shouson Hill Heritage Mansion for HK$290M
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
A mainland Chinese buyer has purchased a historic detached mansion in the prestigious Shouson Hill neighborhood of Hong Kong's Southern District for HK$290 million, becoming a neighbor of the Financial Secretary. Built in 1965, the property at Shouson Hill 41A to B spans over 11,700 square feet with a price per sq ft of approximately HK$24,710—remarkably low compared to new luxury developments nearby. CBRE handled the exclusive sale. The buyer, acquiring the property for long-term investment, paid a price comparable to mid-range urban apartments despite the ultra-prime location.
Key Points
- The mansion is located at Shouson Hill 41A to B, immediately adjacent to the Financial Secretary's official residence at number 45
- Built in 1965, the 3-storey building lacks elevator access, features 6 units at ~2,000 sq ft each, with ground-floor units boasting gardens up to 2,360 sq ft
- Total gross floor area exceeds 11,700 sq ft; at HK$290 million, the price per sq ft is only ~HK$24,710
- New Shouson Hill developments command HK$70,000 to HK$100,000 per sq ft, making this a steep discount
- Monthly rental income estimated at HK$100,000 for upper floors and HK$120,000 for garden units, yielding only ~2.6% gross
Why It Matters
The transaction demonstrates mainland investors' continued appetite for Hong Kong's trophy addresses, prioritizing irreplaceable land value over immediate rental returns. The acquisition near the Financial Secretary's residence underscores how ultra-wealthy mainland buyers view such heritage properties as symbols of prestige and stores of value in uncertain times .
The transaction demonstrates mainland investors' continued appetite for Hong Kong's trophy addresses, prioritizing irreplaceable land value over immediate rental returns. The acquisition near the Financial Secretary's residence underscores how ultra-wealthy mainland buyers view such heritage properties as symbols of prestige and stores of value in uncertain times .