Hidden Billionaires Emerge as New Owners on The Peak: Navigating Hong Kong’s Debt Crunch Through Rare Fire-Sale Deals

Five lesser-known billionaires have recently emerged as new property owners in The Peak, during Hong Kong's debt crisis. Uncommon sales of distressed properties in Hong Kong's prestigious residential district have highlighted these influential but previously obscure business magnates.

Luxury residences located in The Peak, one of the world's priciest residential markets, are highly sought after by the extremely affluent, both within and beyond the boundaries of Hong Kong. Similarly, high-end properties on the southern side of Hong Kong Island are equally esteemed.

Nonetheless, there has been a slight change in property ownership in the past few years. Several owners have fallen victim to cash flow problems due to increased lending rates and economic stagnation. This has paved a path for a fresh group of inhabitants to acquire these prime properties, occasionally at drastically reduced prices.

"In the last three years, purchasers have confronted the depreciation of premium assets," stated Hannah Jeong, the chief executive officer and leader of appraisal and advisory services at CBRE Hong Kong. "The majority of these undervalued assets primarily belonged to foreign owners with significant debt."

Here are a few notable deals that have taken place in these prestigious residential communities.

1. Ho Shung-pun and the address, 46 Plantation Road.