# Rise and fall of Hong Kong's 'shop kings': How plunging rents, debt crushed their empires

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-17T04:00:00.000Z
- **Author:** Chris Tsang
- **Original:** https://www.edgeprop.sg/property-news/rise-and-fall-hong-kongs-shop-kings-how-plunging-rents-debt-crushed-their-empires
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

Persistent rental weakness, heavy debt and further bank disposals over the next six to 12 months may constrain retail-property prices and investor confidence.

## AI summary

Hong Kong shop prices have fallen more than 40% from their 2018 peak, while loss-making transactions above HK$100 million surged 81.6% year on year.

## Original article

They were the "shop kings" of Hong Kong, owning dozens of properties in the same district and even the same street. But over the past few years many of these landlords have gone bankrupt, hit by the collapse in post-pandemic rents and tighter bank lending.

Shop prices in the city have fallen more than 40% from their 2018 peak, but they may not have hit rock bottom yet, according to Centaline Commercial.

"There does not appear to be any clear sign of a turnaround today, nor any glimmer of hope on the horizon that might trigger a rebound," said Stanley Poon, managing director at the agency.

Read also: Marina Square at 40: From retail anchors to sporting communities

According to Colliers' data, in the first three quarters of this year, the total value of loss-making transactions involving street shops priced at over HK$100 million ($16.2 million) reached HK$485 million – surging 81.6% compared with HK$267 million in the same period last year.

One of the highest-profile names in the sector was Tang Shing-Bor – known locally as "Uncle Bor" – who owned more than 200 properties that were once valued between HK$70 billion and HK$80 billion. Tang ranked 19th on the Forbes 2021 list of Hong Kong’s richest people, earning him the nickname "king of shops".

Originally a neon light repairman, Tang later became a real estate broker and started investing in commercial property in the 1970s.

He later handed over management of the family business to his youngest son, Stan Tang Yiu Sing, who tried to expand into other sectors such as hospitality, F&B and co-working spaces – often using high-leverage financing.

Starting in 2021, the family was embroiled in loan defaults and lawsuits, with some creditors initiating legal action directly against the administrators of the estate seeking to settle outstanding debts. The elder Tang died in May 2021.

Last week, an industrial building in Sai Kung owned by The Tang family for nine years was sold to the Hong Kong University of Science and Technology for HK$141 million, representing a decline of over 60% from the original purchase price.

Read also: Foreign, mainland students flock to Hong Kong, sparking property demand in education sector

Another so-called shop king is David Chan Ping-Chi, also known as Hong Kong's "cassette king" because he built his fortune on making cassettes and compact discs. In the 1980s, Chan began shifting capital from his industrial business into the local property market, focusing on commercial buildings, retail shops and car parks.

Chan reached the pinnacle of his investment career in 2017, but it was short-lived. After 2019, the commercial property market took a sharp turn downwards, and his "deal of the century" involving The Center in Central ended up as a loss-making investment.

More recently, Chan faced a full-blown financial crisis. In addition to offloading a large volume of assets at a discount, his own luxury residence was repossessed by the bank, and he faced a bankruptcy petition filed by creditors.

Andy Kong, director at Midland Shops, said some seasoned investors acquired retail premises in the past to generate rental income and benefitted from capital appreciation, or they bought shops for owner occupation to support business growth when Hong Kong’s tourism and retail sectors thrived.

"They then used the gains from asset appreciation to expand their investment portfolios, gradually accumulating a substantial portfolio of retail properties," he said.

When the central government launched the Individual Visit Scheme following the 2003 Sars outbreak, it triggered a massive influx of mainland tourists to Hong Kong. That turbocharged the commercial property sector.

Read also: Orchard Road must double down on community and experiences to remain Asia's premier lifestyle destination

"Many major international brands spared no expense to open multi-storey flagship stores, pushing local mass-market retailers and restaurants to secondary streets, and driving up street shop rents across Hong Kong," said Poon from Centaline Commercial.

Investors did not solely rely on mortgages during the market's heyday. They also utilised commercial loans or bridging loans offered by banks. This short-term financing – or standby lines of credit – operated on a "pay-only-when-used" basis, thereby giving investors highly flexible access to capital.

"When investors bought these retail units, interest expenses were not a primary concern. They prioritised the property's capital appreciation potential over immediate rental yields," Poon said.

"Investors leveraged the financial standing and audit reports of their property investment businesses to secure commercial loans. The amount they could ultimately borrow depended primarily on the individual investor's relationship with the bank."

Hong Kong’s ultra-low interest rate environment persisted from late 2008 to mid-2022. Banks aggressively competed for mortgage and commercial loan business, making it easy for investors to secure financing.

"When investors took out loans back then, the interest rate was roughly 1% to 2%," Poon said. "Even a casual purchase of a retail shop for rental income could yield a return of 2% to 4%."

By 2014, the market had peaked, and starting from 2015 "rents began to quietly retreat", according to Poon.

The situation deteriorated after the onset of the first US-China trade war in 2018, followed by the large-scale social unrest in Hong Kong in 2019. The final blow was the pandemic that broke out in 2020, which led to a drastic change in consumer lifestyles and consumption habits.

After borders reopened, the surge of Hong Kong residents travelling abroad and spending time and money on the mainland dealt a further blow to the retail property market.

The property revaluations triggered a downward adjustment, with Poon estimating that the total volume of non-performing commercial real estate loans across Hong Kong could reach HK$200 billion to HK$300 billion.

"Once market conditions reverse or prices for commercial, industrial, and retail properties plummet, banks will need to cut losses or mitigate risk," he said. "There's no point in negotiating over today's foreclosed properties. It’s a case of having 10 buckets but only one lid – you simply can’t cover them all."

Thomas Chak, head of capital markets & investment services at Colliers Hong Kong, said banks still held portfolios of assets and non-performing loans that needed to be addressed.

"I believe banks will continue to handle the repossessed commercial properties currently on their books over the next six to 12 months," Chak said. "In particular, if interest rates rise, banks might accelerate the disposal process."

But Chak also said that foreclosed properties would not necessarily drive down market prices because they would adjust to a reasonable level that offered value to attract investors back to the commercial property market.

## Chinese translation

> Translation model: grok_cli

### 香港“铺王”的兴衰：租金暴跌与债务如何击垮他们的帝国

该市商铺价格已较2018年峰值下跌逾40%，但可能尚未见底。

他们曾是香港的“铺王”，在同一区域甚至同一条街上拥有数十处物业。但过去几年，许多这类业主因疫情后租金崩盘以及银行收紧放贷而破产。

中原商业指出，该市商铺价格已较2018年峰值下跌逾40%，但可能尚未见底。

该行董事总经理Stanley Poon表示：“目前看不到任何明确的转机迹象，地平线上也没有任何可能触发反弹的希望微光。”

延伸阅读：滨海广场40周年：从零售主力店到运动社区

据高力国际数据，今年前三季度，成交价逾1亿港元（1620万美元）的临街商铺亏损交易总金额达4.85亿港元——较去年同期的2.67亿港元激增81.6%。

该行业最知名的人物之一是Tang Shing-Bor——当地人称“波叔”——他曾拥有逾200处物业，一度估值在700亿至800亿港元之间。Tang在2021年福布斯香港富豪榜上排名第19位，由此获得“铺王”绰号。

Tang原本是霓虹灯维修工，后来成为地产经纪，并自1970年代开始投资商业地产。

他后来将家族企业的管理权交给幼子Stan Tang Yiu Sing，后者试图拓展至酒店、餐饮及共享办公等其他领域——往往使用高杠杆融资。

自2021年起，该家族陷入贷款违约与诉讼，部分债权人直接对遗产管理人提起诉讼，要求清偿未偿债务。年长的Tang于2021年5月去世。

上周，Tang家族持有九年的一栋西贡工业大厦，以1.41亿港元售予香港科技大学，较原购入价下跌逾60%。

延伸阅读：海外及内地学生涌入香港，教育板块物业需求升温

另一位所谓的“铺王”是David Chan Ping-Chi，因靠制造卡带和光盘起家，亦被称为香港“磁带大王”。1980年代，Chan开始将工业资本转向本地物业市场，聚焦商业大厦、零售商铺和停车场。

Chan的投资生涯在2017年达到顶峰，但好景不长。2019年后，商业地产市场急转直下，他涉及中环The Center的“世纪交易”最终变成亏损投资。

近期，Chan面临全面财务危机。除了大量折价抛售资产外，他本人的豪宅也被银行收回，并面临债权人提出的破产呈请。

美联铺位董事Andy Kong表示，过去一些经验丰富的投资者购入零售物业以赚取租金收入并受益于资本增值，或在香港旅游和零售业兴旺时买铺自用，以支持业务增长。

他说：“他们随后利用资产升值收益扩大投资组合，逐步积累起可观的零售物业组合。”

2003年沙斯疫情后，中央政府推出个人游计划，引发内地游客大量涌入香港。这令商业地产板块高速增长。

延伸阅读：乌节路须加码社区与体验，才能继续稳坐亚洲首屈一指的生活方式目的地

中原商业的Poon表示：“许多大型国际品牌不惜成本开设多层旗舰店，把本地大众市场零售商和餐厅挤到次级街道，并推高全港临街商铺租金。”

市场鼎盛时期，投资者并非只依赖按揭。他们还使用银行提供的商业贷款或过桥贷款。这类短期融资——或备用信贷额度——按“用时才付”的方式运作，从而让投资者获得高度灵活的资金渠道。

Poon说：“投资者买入这些零售单位时，利息支出并非首要考量。他们更看重物业的资本增值潜力，而非即时租金回报。”

“投资者利用其物业投资企业的财务状况和审计报告来获取商业贷款。最终能借到多少，主要取决于个别投资者与银行的关系。”

香港的超低利率环境从2008年底持续至2022年年中。银行激烈争夺按揭和商业贷款业务，投资者很容易获得融资。

Poon说：“当时投资者贷款的利率大约是1%至2%。即便随手买一间铺收租，也能获得2%至4%的回报。”

据Poon称，到2014年市场已见顶，从2015年开始“租金开始悄然回落”。

2018年首轮中美贸易战爆发后，形势恶化，随后是2019年香港大规模社会动荡。最后一击是2020年爆发的疫情，导致消费者生活方式和消费习惯发生剧变。

边境重开后，香港居民大量出境旅游，并在内地花费时间和金钱，进一步打击零售物业市场。

物业重估引发下调，Poon估计全港商业地产不良贷款总额可能达2000亿至3000亿港元。

他说：“一旦市场行情逆转，或商业、工业和零售物业价格暴跌，银行就需要止损或缓释风险。对如今这些法拍物业讨价还价没有意义。这就像有10个桶却只有一个盖——根本盖不过来。”

高力国际香港资本市场及投资服务主管Thomas Chak表示，银行仍持有需要处理的资产组合和不良贷款。

Chak说：“我相信，未来6至12个月，银行将继续处理目前账上的收回商业物业。尤其是如果利率上升，银行可能会加快处置进程。”

但Chak也表示，法拍物业未必会进一步压低市场价格，因为它们会调整至合理水平，提供足以吸引投资者重返商业地产市场的价值。