Hong Kong Peak Mansion Sold for $107 Million After Big Price Cut
- Medical firm billionaire Xu Hang was linked to the purchase
- Luxury residential prices declined 4.1% in the second half
Source: Savills (Hong Kong) Ltd.
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A Chinese billionaire snapped up a luxury property on Hong Kong’s Victoria Peak for a discount of more than 30%, seizing an opportunity amid the city’s unprecedented real estate downturn.
The mansion at 25-26 A&B, Lugard Road was sold for HK$838 million ($107 million), according to Savills Plc, which brokered the deal. That compares with an asking price of HK$1.3 billion as of October.