Hong Kong Religious Group Cashes In: Jehovah’s Witnesses Sell US$14 Million in Property Amid Market Upswing and Interest Rate Cuts

A religious organization in Hong Kong offloads property worth $14 million as domestic market shows signs of recovery

The Jehovah's Witnesses group has let go of 16 properties in Tseung Kwan O since July – with 11 sales happening post the interest rate reduction by banks in September.

A faith-based organization has been rapidly offloading residential properties in Hong Kong, raking in HK$110 million (US$14 million) as the housing market experiences a surge in activity due to decreasing borrowing costs.

The Pennsylvania-based Watch Tower Bible and Tract Society, affiliated with the Jehovah’s Witnesses Christian sect, offloaded 11 properties at Ocean Shores in Tseung Kwan O. This followed a half percent rate slash by the Federal Reserve in the latter part of September, as stated by Melissa Tsang, who heads sales at Hong Kong Property.

The team had previously disposed of five different properties prior to the decrease in interest rates, with sales dating back to July. Local news outlets reported that they purchased approximately 30 apartments in 2013 at an estimated cost of HK$170 million.