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Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump

SCMP LogoSCMP4h ago

Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump - SCMP

Quick Summary:

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says.

The houses were among several assets the family of Ho Shung-pun, a low-key clan of real estate developers in Hong Kong, had pledged as collateral for HK$1.6 billion of private credit loans.

Hong Kong’s poor property market has disproportionately affected home vales on The Peak.

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Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump - SCMP (Picture 1)

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Article Details

Author / Journalist: Salina Li

Category: Business

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-02 @ 08:30:13 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 658 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 33 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 22324158

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About SCMP

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Main Topics: Business

Official Website: scmp.com

Update Frequency: 7 posts per day

Year Established: 1903

Headquarters: Hong Kong

News Last Updated: 3 hours ago

Coverage Areas: Hong Kong

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #42

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  • URL: https://beamstart.com/news/hong-kong-property-cash-rich-17252383358723

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