Hung Yip Couple Cash Out $76M After Estate Fire, Lose $680K on Industrial Units
HK01 · 1 SOURCESabout 2 hours ago2 MIN
Summary
Property market transactions involving Hau Wah-kin, owner of Hung Yip Construction Engineering Co Ltd, and his wife Cheung Yin-kam have drawn attention following a fire at Hung Fuk Estate last November. According to real estate sources, the couple sold a unit at One Homantin in Ho Man Tin for HK$24 million in mid-month, generating a paper profit of HK$3.46 million from their 2010 purchase price of HK$20.54 million . The sale occurred with the existing tenant in place and at the asking price, indicating an urgent disposal .
Key Points
- The couple has offloaded at least seven residential and three industrial units since December, netting total proceeds of HK$76.17 million
- Their combined acquisition cost from 2003 to 2025 was HK$55.35 million, yielding an overall profit of HK$20.82 million or 37.6%
- The highest-gain sale was a Tseung Kwan O Center flat purchased in August 2003 for HK$2.39 million and sold in January for HK$10.2 million, representing a HK$7.81 million or 327% gain
- All three industrial properties were sold at losses totaling HK$2.96 million, including a San Po Kong workshop bought for HK$14.68 million and sold for HK$14 million
- Hung Yip Construction faces a winding-up petition filed by Chan Yim at the High Court, with the hearing set for September 23
Why It Matters
The rapid-fire sales pattern following the Hung Fuk Estate incident suggests potential financial stress or strategic repositioning by the Hau family amid legal troubles facing their construction company . For Hong Kong's property market, the mixed performance of residential versus industrial assets highlights how market timing and property type can dramatically affect investment returns, with the couple's residential portfolio outperforming their industrial holdings by a significant margin .
The rapid-fire sales pattern following the Hung Fuk Estate incident suggests potential financial stress or strategic repositioning by the Hau family amid legal troubles facing their construction company . For Hong Kong's property market, the mixed performance of residential versus industrial assets highlights how market timing and property type can dramatically affect investment returns, with the couple's residential portfolio outperforming their industrial holdings by a significant margin .