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Chris Tsang

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.
The asking price for Hong Kong film star Chow’s detached house at Sunshine Villa, 48 Mount Kellett Road, The Peak, was cut by HK$35 million (US$4.5 million) to HK$160 million.
A property agent said Chow’s house had originally been listed for HK$220 million, but that had been reduced by more than 27 per cent.
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.”
The quality and turnover rates of top-tier luxury homes vary significantly, and there is no fixed pattern to their pricing
John Fong, Midland Realty
Hong Kong’s luxury property market witnessed a robust rebound in the first half of the year, but analysts and property agents said that stock market volatility had led to cautiousness across all investment markets, and prospective luxury homebuyers had put their plans on hold.
According to data from Centaline Property, only six secondary luxury home transactions were recorded in The Peak and Southern district in July, a sharp 83 per cent decline from the 35 recorded in June.
In Mid-Levels Central, only five secondary market transactions for luxury homes were recorded in July, down 75 per cent from the 20 transactions seen in June.
Secondary market sellers had slightly widened the scope for price negotiation to around 3 per cent to 5 per cent, said John Fong, chief district sales director at Midland Realty.
He cited the example of a bank-repossessed property at Sunshine Villa, in the row behind the house owned by Chow, that sold for nearly HK$60 million in late July. With an initial asking price of HK$62.49 million, that represented a negotiation margin of 4 per cent.
However, Fong emphasised that Chow’s luxury residence was an isolated case, saying: “The quality and turnover rates of top-tier luxury homes vary significantly, and there is no fixed pattern to their pricing, making it difficult to generalise.”
Paul Cheung, regional sales director at Centaline Property, said some owners in Mid-Levels who previously set aggressive asking prices had been lowering them in recent months, with room for negotiation of around 5 per cent, though in some cases that extended to over 10 per cent.
He said Unit H on the middle floor of Grenville House, Mid-Levels, had an original asking price of HK$165 million but that had been reduced by 9 per cent to HK$150 million.


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Business

Property

Hong Kong & China

Celebrities including Chow Yun-fat and William Chan have sold properties at steep discounts recently


Celebrities including Chow Yun-fat and William Chan have sold properties at steep discounts recently.


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

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Celebrities including Chow Yun-fat and William Chan have sold properties at steep discounts recently

Celebrities including Chow Yun-fat and William Chan have sold properties at steep discounts recently