# Super-rich losing millions as some Hong Kong trophy homes sell at painful discounts

- **Source:** EdgeProp Singapore
- **Published:** 2026-08-27T03:00:00.000Z
- **Author:** Peggy Ye
- **Original:** https://www.edgeprop.sg/property-news/super-rich-losing-millions-some-hong-kong-trophy-homes-sell-painful-discounts
- **Topics:** Commercial & Industrial, Transactions & Deals, Regional Markets

## Featured rationale

The steep discount signals continued pressure on some luxury owners despite rising bungalow activity, potentially creating selective buying opportunities while constraining trophy-home resale prices.

## AI summary

A nearly 4,000 sq ft home at The Morgan sold for HK$190 million, 45% below the HK$344 million its previous owner paid in 2018.

## Original article

Hong Kong has seen a string of cut-price deals for super-luxury homes in recent months, with financially pressured owners accepting eye-watering losses to exit the market even as demand for trophy homes remains strong.

Among the latest examples is the sale of a Bel-Air luxury house for HK$138 million ($22.35 million), about HK$37 million below the price the former owner paid for the property in 2018.

The 3,792 sq ft house in Pok Fu Lam was bought for HK$175 million in 2018 by Shie Thomas, according to Land Registry records. Shie reportedly has ties to Hong Kong export firm Tak Fi International, and is also listed as a racehorse owner by the Hong Kong Jockey Club.

Read also: Hong Kong property recovery extends beyond homes to office, retail: Morgan Stanley

An agreement to sell the property for HK$138 million was signed in June between the property’s latest owner, Shie Serena She-wing, and a buyer named Chen Dongqiong, with the assignment registered on Aug 18.

The transaction represents a more than 20% loss on the 2018 purchase price. Land Registry records also show that the property was mortgaged to Dah Sing Bank in 2022, with a rental assignment subsequently registered in favour of the bank.

The Bel-Air sale is not an isolated case. Several high-end houses and flats have recently changed hands well below their previous purchase prices, showing that a revival in luxury home sales in Hong Kong has not necessarily helped every owner to recover their equity.

At The Morgan on Conduit Road, a nearly 4,000 sq ft home with a private terrace was sold for HK$190 million, a painful 45% below the HK$344 million paid by the previous owner in 2018, according to Land Registry records. A sale agreement for the property was signed on Aug 3.

In June, an 8,855 sq ft duplex at Mount Nicholson was sold for about HK$550 million, down 7.3% from the HK$593 million paid by the seller back in 2017, Land Registry records show. The seller was listed as Chen Jiarong, who is reportedly affiliated with Shenzhen developer Kingkey Group.

However, there appears to have been a drop in the number of high-profile bank-owned luxury homes selling at a loss this year, according to Glen Ho, Deloitte’s national turnaround and restructuring leader.

Read also: Hong Kong developers test home-market recovery by raising prices, trimming discounts

The city’s residential property market had generally been more stable than the commercial sector, with more buyers returning in the first half, reducing the pressure on banks to dispose of homes quickly, Ho said.

“Some residential assets may also be handled more discreetly because of issues such as unauthorised building works,” he added.

The number of bungalow transactions — excluding HK$100 million-plus internal transfers — rose 8.6% in the first half of the year compared with the previous six months, according to Centaline Property.

The value of those transactions reached a combined HK$17.19 billion, up 4.4% from the previous six months and the highest first-half total since 2021, data from the property firm shows.

Trophy homes in sought-after developments can still command nine-figure prices, even as individual properties continue to sell at discounts.

While Hong Kong’s overall luxury property market has slowed in the second half amid external headwinds, including Chinese tax changes and tighter capital controls, several big-ticket transactions were still recorded in August at projects such as CK Asset’s 21 Borrett Road and K&K Property’s One Stanley.

Read also: Private residential prices still rising despite slower sales, tariff wars: Savills Singapore

## Chinese translation

> Translation model: grok_cli

### 超级富豪亏损数百万，部分香港顶级豪宅以惨痛折扣售出

承压业主正削价退出香港豪宅市场；部分住宅价值蒸发逾1亿港元

近几个月来，香港接连出现超豪华住宅折价成交，尽管标志性豪宅需求依然强劲，但面临财务压力的业主仍接受令人瞠目的亏损离场。

最新案例之一，是贝沙湾（Bel-Air）一栋豪华别墅以1.38亿港元（2235万新元）售出，较前任业主2018年的买入价低约3700万港元。

土地注册处记录显示，这栋位于薄扶林、面积3792平方英尺的别墅由Shie Thomas于2018年以1.75亿港元购入。据报，Shie与香港出口公司Tak Fi International有关联，并被香港赛马会列为马主。

延伸阅读：香港楼市复苏从住宅延伸至写字楼、零售物业：摩根士丹利

该物业最新业主Shie Serena She-wing与买家Chen Dongqiong于6月签署以1.38亿港元出售的协议，转让于8月18日登记。

这笔交易较2018年买入价亏损逾20%。土地注册处记录还显示，该物业于2022年抵押予大新银行，其后登记了一份以该银行为受益人的租金转让。

贝沙湾这宗交易并非孤例。近期多套高端别墅和公寓的易手价远低于此前买入价，显示香港豪宅成交回暖未必能帮助每位业主收回资本。

土地注册处记录显示，干德道The Morgan一套近4000平方英尺、带私人露台的住宅以1.90亿港元售出，较前任业主2018年支付的3.44亿港元惨跌45%。该物业的买卖协议于8月3日签署。

土地注册处记录显示，6月，聂歌信山（Mount Nicholson）一套8855平方英尺的复式单位以约5.50亿港元售出，较卖方2017年支付的5.93亿港元下跌7.3%。卖方登记为Chen Jiarong，据报其与深圳开发商京基集团（Kingkey Group）有关联。

不过，德勤全国企业重整与重组主管Glen Ho表示，今年以亏损价出售的高调银行持有豪宅数量似乎有所减少。

延伸阅读：香港发展商上调售价、收窄折扣，试探住宅市场复苏

Ho表示，香港住宅物业市场整体上比商业地产更为稳定，上半年买家回流增加，减轻了银行迅速处置住宅的压力。

他补充说：“部分住宅资产也可能因违章建筑工程等问题而以更低调的方式处理。”

中原地产数据显示，今年上半年独立屋成交宗数——剔除1亿港元以上的内部转让——较前六个月上升8.6%。

该公司数据显示，这些交易的总价值达171.9亿港元，较前六个月上升4.4%，为2021年以来最高的上半年总额。

即使个别物业仍以折价成交，热门项目中的标志性豪宅仍可拿到九位数的成交价。

尽管受中国税收政策变化和资本管制收紧等外部逆风影响，香港整体豪宅市场在下半年有所放缓，但8月仍录得多宗大额交易，项目包括长江实业（CK Asset）的21 Borrett Road以及K&K Property的One Stanley。

延伸阅读：尽管成交放缓、关税战持续，私人住宅价格仍在上涨：第一太平戴维斯新加坡