HONG KONG: Financially pressured Hong Kong and mainland Chinese tycoons continue offloading real estate assets in the city at loss as the market sees a revival in transactions, attracting more bargain hunters.
A three-storey penthouse apartment at The Arch complex atop Hong Kong’s Kowloon station sold on Tuesday as part of a six-unit portfolio of properties under receivership. The portfolio sold for HK$410 million (US$52.7 million) – 68 per cent less than the HK$1.3 billion asking price in 2021.
