Hong Kong stock exchange operator HKEX’s chairman Carlson Tong sells luxury home for $9M

Tong originally acquired the four-bedroom unit, measuring 3,114 square feet (289 square meters), at the Villa Cecil development for HK$23.2 million in 2000, according to Land Registry records cited by the South China Morning Post.

Carlson Tong, chairman of Hong Kong Exchanges and Clearing. Photo courtesy of the company

Hong Kong real estate has long been a go-to investment for Chinese entrepreneurs and celebrities, but the recent market slump has taken a toll on property values.

Home prices have fallen nearly 30% from their 2021 peak, driven by rising mortgage rates, reduced demand after many professionals moved out of the city, and subdued economic sentiment, according to Reuters.

Property agents say prices for exclusive residences have dropped by as much as 45% from their highs, prompting wealthy buyers to seize the opportunity.

Among them is Shirley Peng, sister of former Hong Kong Chief Executive Tung Chee-hwa, who reportedly bought a flat in the upscale Mid-Levels area for HK$119 million (US$15.2 million) at an 8.5% discount late last month.

Pop star Gloria Tang, better known as G.E.M. or "China’s Taylor Swift," also took advantage of the downturn to purchase two Wan Chai flats earlier this year for HK$85 million, about 35% below their peak price three years ago.

Although luxury property deals have gained momentum, prices have remained subdued due to the large supply of distressed assets, according to a March report by property consultancy Savills cited by Bloomberg.

Still, with buyer interest remaining strong, the window for luxury bargains may be closing. Property consultancy Knight Frank expects luxury home prices in the city to edge up by 3% this year.