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Salina Li

Mainland Chinese buyers and “smart money” from Southeast Asia will continue “bottom-fishing for trophy assets” in Hong Kong’s luxury property market as prices remain depressed through 2025, according to the director and head of residential sales at Savills.
Capital from Singapore had been flowing to Hong Kong because the Singaporean market had not declined, Thomas See said.
“Some smart money has noticed that prices of real estate in Hong Kong have already fallen by 30 to 40 per cent,” he said, adding that such buyers were eyeing not only luxury residential properties but also en-bloc commercial properties with the highest potential to provide a strong return.
“Luxury properties in Hong Kong still remain at a premium,” See said. “That’s why you’ve been seeing transactions at tens of thousands of dollars per square foot while the economy is bad. These trophy assets were not for sale when the market was good.”
For example, Jacinto Tong Man-leung, founder of local property investment firm Gale Well Group, sold Vista Horizon at 68-70 Chung Hom Kok Road in the Southern District for HK$220 million, or HK$20,370 per square foot, in March. Savills was the sole agent of the deal.
But the two houses adjacent to that property, at 64 and 66 Chung Hom Kok Road, sold for about HK$80,000 per square foot in 2021, See said.
The luxury property market would remain active this year, with owners that were in financial distress responsible for many of the sales, See said.
Prices had dropped at least 40 per cent from their peak in 2018 and 2019 and had now stabilised in the long horizontal portion of an L-shaped graph, See said.
“I can’t predict when [prices] will rebound, but I believe there is little room for further downward adjustment,” he said.

“There will be assets being offered with discounts as some owners are urgent to cash in,” he said. However, there was unlikely to be a wave of such sales, but rather “single examples”, unless interest rates rose again and/or the Hang Seng Index fell sharply.
Before the current rate-cut cycle began in September, Hong Kong followed the US lead in 11 rate increases between March 2022 and July 2023, raising the price of money to the highest level since December 2007.
A drop in the Hong Kong interbank offered rate, which banks use to set mortgage rates, had provided some breathing space to liquidity-challenged owners after the rate cuts began, “but it will not sustain for too long”, See said.
The family of Ho Shung-pun, a low-profile clan of real estate developers sold three units at 99, 101 and 103 Plantation Road, The Peak, for HK$828 million, or about HK$58,000 per square foot in August 2024. The proceeds from the sale of the three town houses were partially used to repay a HK$1.6 billion private loan extended to the Ho family by Gaw Capital, sources told the Post.
“There hasn’t been anything that cheap so far this year,” See said.
Hong Kong’s super luxury property market recorded 35 transactions worth about HK$23 billion (US$2.93 billion) in the past 19 months, with ownership shifting from local property-industry tycoons to mainland buyers who made their fortunes in hot industries, according to Savills.
More than 50 per cent of the super-luxury transactions were first-hand sales, while the rest involved individuals who were in some degree of financial distress, including five properties that were in receivership, See said.

The buyers came from emerging industries such as AI, fintech and gaming, as well as industries that grew during and after the Covid-19 pandemic, like healthcare and logistics, See said.
Such buyers accounted for 80 per cent of the deals worth HK$300 million or more, five of which topped HK$1 billion.
Twenty-four of the super-prime properties were located on Hong Kong Island, while 11 were in Kowloon’s Kai Tak and Kowloon Tong areas.
In April, Wang Baoshan, the wife of Mike Cai Wensheng, co-founder of Chinese selfie app Meitu, bought a HK$465.8 million, 5,466 sq ft home at 8 Perkins Road in the upscale Jardine’s Lookout neighbourhood. The price was 22 per cent below the asking price of HK$600 million, according to an agent. The Meitu executive recently had a net worth of about US$1.1 billion, according to Forbes.


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A view of a luxury residential property on Peak Road, the Peak. Photo: Roy Issa

A view of Vista Horizon at 68-70 Chung Hom Kok Road in the Southern District. Photo: Google Maps

Savills’ Thomas See poses for a photo at the property consultancy’s office in Central on July 29, 2025. Photo: Eugene Lee

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Illustration: Brian Wang

A view of office buildings in Central on January 17, 2025. Photo: Edmond So

Pedestrians pass empty shops in Causeway Bay on July 7, 2025.Photo: Sam Tsang

Techtronic executive buys 3 villas on The Peak in US$106 million Hong Kong distressed sale

The buyer of 99, 101 and 103 Peak Road paid HK$860 million for the three properties, according to sources. Photo: Google

Four houses on 46 Plantation Road were sold to Yeung Kin-man, the founder and chairman of Biel Crystal Manufactory. Photo: Xiaomei Chen

Hong Kong ultra-luxury homes: mainland Chinese buyers drive US$3 billion buying spree

A 6,071 sq ft detached unit at 138 Pokfulam Road sold to a mainland buyer for HK$300 million in April, according to Land Registry records. Photo: Handout

A town house at 28 Peak Road sold for HK$1.05 billion in November to Zhansheng Network Technology, according to official records. Photo: Handout

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Singaporean buyers are joining wealthy mainland individuals in scooping up bargains as prices remain depressed, a Savills director says


Singaporean buyers are joining wealthy mainland individuals in scooping up bargains as prices remain depressed, a Savills director says.


Southeast Asian ‘smart money’ fishing for ‘trophy assets’ among Hong Kong’s luxury homes

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Singaporean buyers are joining wealthy mainland individuals in scooping up bargains as prices remain depressed, a Savills director says

Singaporean buyers are joining wealthy mainland individuals in scooping up bargains as prices remain depressed, a Savills director says