香港住宅史上最大亏损纪录诞生，9年前天价买入，如今巨亏13亿港元
Mei Ri Jing Ji Xin Wen·2025-08-21 14:33

Core Viewpoint - The Hong Kong luxury residential market has experienced significant losses, with a notable case of a property sold for HKD 790 million, down from a purchase price of HKD 2.1 billion, reflecting a depreciation of HKD 1.31 billion or 62.4% [2][3] Group 1: Property Transaction Details - The property at 15 Gough Hill Road was acquired in 2016 for HKD 2.1 billion, setting a record price per square foot of HKD 227,400, which was a benchmark for luxury properties globally [3] - The property, with a usable area of 18,000 square feet and additional garden and parking space, was sold after two years of unsuccessful bidding and financial issues leading to its takeover by East Asia Bank [2][3] - The sale price of HKD 790 million represents a significant loss, exceeding the HKD 1 billion loss from another luxury property transaction in Kowloon [3] Group 2: Market Trends and Analysis - The overall luxury market in Hong Kong has declined approximately 30% since its peak in 2021, with some properties experiencing declines of 35% to 40%, and an additional discount of 15% to 20% for bank-owned properties [2][5] - The pricing logic for luxury properties has shifted from "landmark premium" to "cash flow and risk discount," indicating a change in buyer sentiment and market dynamics [5] - The luxury market is expected to remain at the bottom even if the government removes certain market restrictions in 2024 [5] Group 3: Financial Implications for Investors - Chen Hongtian, the chairman of Xiangqi Group, has seen a significant reduction in personal assets, with total investments in Hong Kong properties amounting to approximately HKD 6.987 billion since 2015 [6][9] - The financial struggles of Chen's investments are highlighted by the sale of multiple properties at substantial losses, indicating a broader trend of asset depreciation in the luxury market [9][11] - The case serves as a warning about the risks associated with high leverage in real estate investments, particularly in a declining market [13]