Hong Kong’s Connaught Hotel Slashes Sale Price by 40% Amid Property Market Slump

The proprietors of the Connaught hotel in Hong Kong have drastically reduced their selling price by 40% due to a decline in the property market. The four-star, 52-room hotel, situated in Sai Ying Pun, has had its price tag reduced to HK$600 million, from the initial HK$1 billion.

The escalating decline in Hong Kong's real estate market is compelling property owners to further reduce the prices of assets currently for sale.

The proprietors of the 52-room, four-star establishment, encompassing a total floor space of 41,705 square feet, have reduced the asking price from HK$1 billion down to HK$600 million, equivalent to US$77 million. This information has been disclosed by Colliers and Knight Frank, the partnering brokers handling the transaction.

This property is simply one of several that landlords and investors have recently listed for bidding. Sources reveal that it's jointly owned by Hanison Construction from Hong Kong and Angelo Gordon, a private equity real estate expert based in New York.

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