Hong Kong peak mansion sale price cut by 12% in three months

SELLERS of a Hong Kong mansion on the Peak reduced their asking price by 12 per cent from April, a sign of continued weakness in the luxury property market.

The mansion, located at 1-9 Watford Road, is being listed for HK$165 million (S$28.5 million), according to a press release from Knight Frank. In April, the lead agent at that time, CBRE Group, touted a price of HK$188 million.

The house is 2,706 square feet (251 square metres), has four ensuite bedrooms and a fish pond. Local media HK01 reported the listing earlier.

Hong Kong’s luxury property market been hurt by high interest rates and concerns about economic growth. Mansions are being sold at major discounts amid a widespread real estate downturn. In May, China Evergrande Group founder Hui Ka Yan’s former mansion was sold for just over half the previous valuation.

Luxury property prices have declined between 5 per cent and 10 per cent from their 2021 peak, Knight Frank associate director Vivien Lam said in the release. BLOOMBERG