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

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

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.