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One of Hong Kong’s priciest homes sells for US$16.6 million loss off of 2019 price, as luxury segment slumps

  • The four-bedroom luxury home in the ultra-exclusive Mount Nicholson enclave sold in January for 25 per cent less than the owner paid in 2019
  • The city has seen a series of money-losing sales, as luxury-home prices are forecast to decline by 1.5 per cent this year

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An aerial view of the Mount Nicholson development at 8 Mount Nicholson at the Peak. Photo: Martin Chan
Cheryl Arcibal

A four-bedroom luxury home in Hong Kong’s ultra-exclusive enclave of Mount Nicholson has resold at an estimated loss of HK$130 million (US$16.6 million), the latest in a series of sales where owners of high-end properties took a hit in the city’s slumping property market.

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The home, in one of the most expensive luxury developments in Hong Kong, set a record high for Asia when it sold for HK$519.9 million in 2019. It sold on January 27 to a buyer named “Yu Ye” for HK$390 million, about 25 per cent below the price “Li Jun” had paid, according to official records.

No further information on the buyer or seller was available.

Another property on Mount Nicholson Road at The Peak, where mansions once sold for nearly HK$1 billion, also sold recently for HK$500 million, nearly 11 per cent below its acquisition price of HK$560.9 million in 2021, according to local media.
House 17 at Bel-Air Rise in Pok Fu Lam sold at a steep discount in July. Photo: Handout
House 17 at Bel-Air Rise in Pok Fu Lam sold at a steep discount in July. Photo: Handout

“Hong Kong home prices recorded a 15.6 per cent drop last year due to the Covid-19 pandemic, interest-rate hikes and geopolitical issues,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal. “The disposal at a loss was just in line with the market changes.”

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