Chu Wan, in white, on Mount Austin Road.
Photographer: Paul Yeung/BloombergReal Estate
Open House: $77,000 a Month Rental Shows Depth of Hong Kong's Luxury Downturn
The chill in Hong Kong’s property market is prompting owners of luxury homes to rent out their properties instead of selling. One home is a 4,000-square-foot house on the Peak with a rich history.
The deep freeze in what was the world’s hottest property market is prompting a significant shift in strategy by home owners in Hong Kong.
With prices approaching a seven-year low and sales the fewest in nearly three decades, many owners are choosing to rent out second or third properties rather than sell, hoping that the downturn will end when borrowing costs fall and China’s economy improves. Even the government has suspended residential land sales for the first time in 14 years due to poor demand.