High-net-worths lose 100M in HK property

The luxury real estate market in Hong Kong is experiencing a decline in sale prices, as property owners are forced to offload their assets at significant losses due to financial pressures, despite ongoing demand for rare homes in upscale areas. One of the notable transactions was the sale of a house in the "Belle-Air" development for HKD 138 million, which is about HKD 37 million lower than its purchase price in 2018, resulting in a loss exceeding 20%. Other homes have been sold at losses of up to 45%, but the luxury property market shows signs of a partial recovery, with an increased number of transactions, although some properties continue to sell below their original values. External pressures such as tax changes and capital restrictions continue to impact the market, making the recovery selective.

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