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Peggy Ye

Hong Kong has seen a string of cut-price deals for super-luxury homes in recent months, with financially pressured owners accepting eye-watering losses to exit the market even as demand for trophy homes remains strong.
Among the latest examples is the sale of a Bel-Air luxury house for HK$138 million (US$17.6 million), about HK$37 million below the price the former owner paid for the property in 2018.
The 3,792 sq ft house in Pok Fu Lam was bought for HK$175 million in 2018 by Shie Thomas, according to Land Registry records. Shie reportedly has ties to the Hong Kong export firm Tak Fi International, and is also listed as a racehorse owner by the Hong Kong Jockey Club.
An agreement to sell the property for HK$138 million was signed in June between the property’s latest owner, Shie Serena She-wing, and a buyer named as Chen Dongqiong, with the assignment registered on August 18.
The transaction represents a more than 20 per cent loss on the 2018 purchase price. Land Registry records also show the property was mortgaged to Dah Sing Bank in 2022, with a rental assignment subsequently registered in favour of the bank.
The Bel-Air sale is not an isolated case. Several high-end houses and flats have recently changed hands well below their previous purchase prices, showing that a revival in luxury home sales in Hong Kong has not necessarily helped every owner recover their equity.
At The Morgan on Conduit Road, a nearly 4,000 sq ft home with a private terrace sold for HK$190 million, a painful 45 per cent below the HK$344 million paid by the previous owner in 2018, according to Land Registry records. A sale agreement for the property was signed on August 3.
In June, an 8,855 sq ft duplex at Mount Nicholson sold for about HK$550 million, down 7.3 per cent from the HK$593 million paid by the seller back in 2017, Land Registry records show. The seller was listed as Chen Jiarong, who is reportedly affiliated with Shenzhen developer Kingkey Group.

However, there appears to have been a drop in the number of high-profile bank-owned luxury homes selling at a loss this year, according to Glen Ho, Deloitte’s national turnaround and restructuring leader.
The city’s residential property market had generally been more stable than the commercial sector, with more buyers returning in the first half, reducing the pressure on banks to dispose of homes quickly, Ho said.
“Some residential assets may also be handled more discreetly because of issues such as unauthorised building works,” he added.
The number of bungalow transactions – excluding HK$100 million-plus internal transfers – rose 8.6 per cent in the first half of the year compared with the previous six months, according to Centaline Property.
The value of those transactions reached a combined HK$17.19 billion, up 4.4 per cent from the previous six months and the highest first-half total since 2021, data from the property firm showed.
Trophy homes in sought-after developments can still command nine-figure prices, even as individual properties continue to sell at discounts.
While Hong Kong’s overall luxury property market has slowed in the second half amid external headwinds, including Chinese tax changes and tighter capital controls, several big-ticket transactions were still recorded in August at projects such as CK Asset’s 21 Borrett Road and K&K Property’s One Stanley.


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An owner who bought a 1,288-square-foot flat at Residence Bel-Air in Pok Fu Lam in October made HK$7.38 million when selling it in July. Photo: Shutterstock Images

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Under-pressure owners are cutting prices to exit Hong Kong’s luxury property market, with some homes losing more than HK$100 million in value


Under-pressure owners are cutting prices to exit Hong Kong’s luxury property market, with some homes losing more than HK$100 million in value.


Super-rich losing millions as some Hong Kong trophy homes sell at painful discounts

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Under-pressure owners are cutting prices to exit Hong Kong’s luxury property market, with some homes losing more than HK$100 million in value

Under-pressure owners are cutting prices to exit Hong Kong’s luxury property market, with some homes losing more than HK$100 million in value