A luxury detached house in Pok Fu Lam, owned by Hong Kong’s “Cassette King” David Chan Ping-chi, has been put on the market by the receivers in yet another distressed sale in the city, after lender Fubon Bank seized the property to recover unpaid debt.
The sea-view property at 188 Victoria Road, valued at HK$430 million (US$55 million), comprises a three-storey house with a basement and features a private driveway that ensures a high level of privacy, Savills, the sole marketing agent, said on Monday. It includes an 18,000 sq ft garden.
The house would be sold on an “as-is” basis with vacant possession, Savills said. It would receive expressions of interest until noon on July 8, it added.
“The property is a rare sea-view residential single lot in the area,” said Raymond Wan, chief senior director of investment at Savills Hong Kong. “The owner has occupied it since the 1980s” and it was likely to attract significant market attention, he added.
Creditors have racked up distressed sales of properties in recent months amid pressure on borrowers to service their loans. Interest rates in Hong Kong, which track policy moves in the US, reached the highest levels since 2007 before the Federal Reserve started cutting rates from September last year, crippling many overstretched borrowers.
