Tycoons who made fortunes during China's economic boom are now selling luxury properties in Hong Kong at steep discounts, reflecting the real estate market's tumultuous state.
Hong Kong property prices had soared for nearly 20 years, creating extreme affordability issues, but now even wealthy speculators are rushing to unload homes, indicating market distress.
The collapse of China's Evergrande impacted many affluent homeowners, forcing them to part with luxurious properties at a fraction of their previous value, often below half.
Hui Ka Yan exemplifies the crisis; his collection of homes, previously valued at over $190 million, sold for significantly less, highlighting the dramatic shift in the market.
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