Hong Kong’s Shop King Struggles to Sell Billions in Property
- Tang Shing-bor is offloading some $2.6 billion of real estate
- The move comes as Hong Kong’s market is at a standstill
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Hong Kong property tycoon Tang Shing-bor is seeking to offload billions of dollars of real estate after an ill-timed expansion at the top of the market.
Known as the “Shop King” for his vast holdings of retail property amassed over six decades, Tang is among those hit as Hong Kong suffers through a deep recession triggered by civil unrest and the coronavirus pandemic. With rental income evaporating, he’s put a quarter of his family’s real estate portfolio -- valued at about HK$75 billion ($9.7 billion) -- up for sale this year, according to listings, news reports and filings tracked by Bloomberg.