Lates News

On August 19th, the biggest loss in the Hong Kong residential market occurred. The luxury 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 property was bought in 2016 for 2.1 billion Hong Kong dollars and has now depreciated by 1.31 billion Hong Kong dollars, a drop of 62.4%, with a price per square foot of about 43,700 Hong Kong dollars (1 square foot is approximately equal to 0.0929 square meters). The property was taken over by East Asia Bank in 2023 due to financial problems and went through multiple rounds of bidding and extensions before finding a buyer. The property has a usable area of 18,000 square feet, with nearly 10,000 square feet of garden and 2,788 square feet of parking space. The peak price per square foot was once as high as 227,400 Hong Kong dollars. If converted to the common square meter used in mainland China, the peak price of this mansion can reach approximately 2.45 million yuan per square meter. (Source: Every Economy Network)