Hong Kong’s rich under pressure to sell homes amid debt squeeze

Hong Kong’s wealthy families are unloading luxury homes as property values slump and debt pressures mount. A sea-view villa once owned by cassette magnate Chan Ping Che is being sold by receivers for HKD430m after he defaulted on a HKD350m loan from Fubon Bank. Chan, who gained prominence in 2017 via a USD5.2bn deal for The Center skyscraper, has tried selling the property since late 2023. Separately, Gale Well Group CEO Jacinto Tong sold his penthouse for HKD138m and, alongside his sister, listed HKD2.2bn in assets. High rates, falling prices, and rising vacancies are driving fire sales, with office rents forecast to fall up to 10% this year. Investors are shifting from offices to residential assets to manage leverage.