CIFI Holdings Group’s chairman Lin Zhong and other executives are trying to sell five houses in Hong Kong for about 16 per cent below cost at US$253 million, Hong Kong Economic Times reported, citing unidentified people.

The homes are on 44 to 50 Chung Hom Kok Road and 1 Horizon Drive. Among them, the house on 50 Chung Hom Kok Road is the biggest at 6,364 square feet, according to the sales brochure. It’s asking for HK$442 million (S$76 million), down from initial HK$520 million.

The house on 48 Chung Hom Kok Road has the steepest discount, with the asking price cut to about HK$402 million from HK$495 million.

The potential sale adds to a recent spate of Chinese tycoons trying to offload their properties. China Evergrande Group’s former chief executive officer Xia Haijun put an apartment in Hong Kong up for sale for HK$160 million in June. Chen Hongtian’s US$271 million mansion is being sold after a bank took it away in March.

The luxury residential market has not been spared in Hong Kong’s rare property downturn. Earlier in July, two mansions located at the Peak were sold for a combined HK$560 million, about HK$200 million less than the asking price. BLOOMBERG