30% of owners looking to sell Hong Kong luxury homes willing to lower prices: agents

Celebrities including Chow Yun-fat, Stephen Fung Tak-lun and William Chan Wai-ting slashed prices before selling luxury properties recently, with property agents saying secondary luxury home trading will continue to slow in the short term, with prices up to 10 per cent lower.

Hong Kong actor Fung sold his mid-level Unit C in Tower 2 at 63 Pok Fu Lam for HK$7.05 million this March. He originally listed the property for HK$8.7 million in mid-2023, but lowered the asking price multiple times, which resulted in a cumulative reduction of HK$1.65 million, or 19 per cent. A paper loss of HK$1.35 million was incurred, representing a 16 per cent depreciation in value, after holding the property for six years.

Singer Chan listed his unit with a terrace at The Pavilia Hill in North Point for HK$34 million in 2022 and sold it at a 23 per cent discount in May for HK$26.28 million. A paper loss of HK$233,000 was incurred after he held the property for 11 years.

Joseph Yan, senior principal district sales director at Centaline Property, said that 30 per cent of owners listing luxury homes in The Peak and Southern district had indicated a willingness to lower their asking prices by around 10 per cent.

“I believe there is likely still room for further price negotiation,” he added. “Another 20 per cent of secondary owners with listings stated they would ‘discuss further’ when receiving an offer.”