Unit price once reached as high as 2.45 million HKD per square meter, creating the largest loss in the history of Hong Kong residential real estate.

On August 19, the biggest loss in Hong Kong's residential market occurred. The mansion at 15 Peak Road, owned by Chen Hongtian, chairman of Shenzhen Xiangqi Group, or related parties, was sold for 790 million Hong Kong dollars after two years of bidding. The purchase price of this property in 2016 was 2.1 billion Hong Kong dollars, now depreciated by 1.31 billion Hong Kong dollars, a decrease of 62.4%, with a price of approximately 437,000 Hong Kong dollars per square foot. The property was taken over by East Asia Bank in 2023 due to financial problems, becoming a bank-owned property, and after several rounds of deadline extensions, a buyer was finally found. The usable area of the property is 18,000 square feet, with nearly 10,000 square feet of garden and 2,788 square feet of parking space, with a peak price of 227,400 Hong Kong dollars per square foot. If converted to the commonly used square meters in mainland China, the unit price of this mansion at its peak could reach approximately 2.45 million yuan per square meter.