Good Deals in HK's Luxury Property Market

Two homes on the Peak were sold for a sweet deal

Looks like the uber rich are hunting for good deals in the real estate sector.

Two mansions on the Peak located next to each other were recently sold for a whopping HK$560 million (US$71.5 million) -- about HK$200 less than the asking price.

Each over 4,000 sq ft with a pool, garden

The homes are at 11 and 13 Watford Road and they are owned by the wife of Wong Kwan, former chairman of Pearl Oriental Oil Ltd, according to Sing Tao.

Each house is 4,016 square feet with a large garden and swimming pool. They are conveniently located down the road from the German-Swiss International School and a Wellcome supermarket nearby too.

The asking price was HK$380 million each, but somehow the price was slashed by almost HK$100 million each.

As a result the luxury property market is sluggish, with rising interest rates and lack of new expats moving in that is slowing the transactions.

Will HK's real estate market be sustainable?

However, it is a bigger sign of Hong Kong's decline, according to Kevin Yam Kin-fung, a Chinese-Australian lawyer who is one of the eight with a HK$1 million bounty on his head.

"Hong Kong will not just die suddenly like someone with a massive heart attack. There are still takers for luxury properties," he wrote on Twitter.

"But the fact that demand for this and other things in HK have unceasingly trended downwards means HK is being debilitated slowly and painfully."

Who wants to be left holding the bag?