Indebted owner’s luxury property on The Peak on sale at 30% discount

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

Across Hong Kong – from The Peak to Southern district and elsewhere – high-net-worth individuals have found themselves caught in a tight spot between their ritzy, overleveraged properties and a quickly draining pool of liquidity.