Hong Kong property tycoon Tang Shing-bor, known as the “Shop King” , is seeking to offload a quarter of his family’s real estate portfolio after an ill-timed expansion at the top of the market. The Tangs have put more than HK$20 billion of real estate up for sale this year, according to property listings, news reports and filings tracked by Bloomberg, but they’ve managed to offload just $232 million.
Recent deals show the family has had to offer hefty discounts. The Tangs sold a plot of residential land last month for HK$351 million, well below the HK$450 million. Another residential site fetched HK$347 million in November, 20% less than the asking price. Stan Tang, Tang’s son said “Even though market sentiment is bad, property valuations haven’t decreased drastically.”
“You can’t sell at a good price these days,” our senior director Alex Leung told Bloomberg “If the owner’s financial ability allows, they would rather hold the properties because it’s likely for them to sell at a loss now.”
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