Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago.
The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset.
Yip Yuen Sai bought the property for HK$450 million in 2019, according to the Land Registry. Yip is the founder of Shenzhen-listed Grandland Group, according to local media reports.
A second mortgage of 321.6 million yuan (US$44.8 million) was taken out on the property on June 5, according to the Land Registry.
Grandland Group did not immediately respond to a request for comment.
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Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers
Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers
