Real Estate
Rich Hong Kong Families Sell Mansions at Discounts to Repay Debt
- Ho Shung Pun’s family sold homes for $250 million in a month
- Owners hammered by slumping property valuations, high rates
This article is for subscribers only.
Some of Hong Kong’s wealthy families have been caught up in the city’s real estate slump after selling luxury homes and other properties at a loss to pay back loans.
Just in the past month, one debt-laden family disposed of seven properties for $250 million in the prestigious Peak district, with some going for hefty discounts. In April, a family-run company sold its stake in the AIA Central building at a $20 million loss. Another clan that built its fortune in retail sold a shopfront at a 60% loss and had other properties seized by receivers.