An aerial view of residential buildings on The Peak. -- Photo: Roy Issa / SCMP
HONG KONG: Even the actor famed for playing tough-as-nails characters in Hong Kong classics like 'The Killer' and 'Hard Boiled' is taking a beating amid a slump in the city’s luxury property market.
Chow Yun-fat, a beloved local actor who went on to Hollywood fame, has had to slash the asking price of his luxury home in Hong Kong’s most exclusive enclave The Peak by about 14 per cent, according to several property agents.
“The original asking price was HK$220 million [US$28.3 million] and now it’s just HK$190 million,” said Victoria Allan, founder and managing director at Habitat Property, a boutique agency for high-end homes.
“Brother Fat”, as he is known in Hong Kong, is not the only celebrity who has had to adjust expectations amid the moribund market. Prominent tycoons have also had to unload properties at deep discounts in recent months.
Best known for his starring role in the Oscar-winning 2000 film Crouching Tiger, Hidden Dragon, Chow put the 2,547 sq ft, three-bedroom home on the market a few months ago after holding it for 14 years, the agents said.
Chow Yun-fat in an iconic scene in the 1986 movie “A Better Tomorrow” directed by John Woo. -- Photo: Handout / SCMP
Allan assesses the fair value price of the Sunshine Villa home at 48 Mount Kellett Road at HK$150 million.
Reports indicate that the latest offer stands at HK$195 million, reflecting a markdown of HK$25 million or 11.4%, translating to over HK$72,000 per square foot.
Boasting a practical area of 2547 square feet, the villa includes a 2000-square-foot garden and a 700-square-foot rooftop, offering stunning views of the southern district and featuring recent renovations.
Chow Yun-fat acquired this property in 2010 for approximately HK$128 million, setting a record high price per square foot at the time. If the villa sells at the current asking price, the potential profit could reach HK$67 million, marking an approximate 52.3% increase in value over 14 years.
This exclusive villa at Sunshine Villa, though never occupied or leased, is subject to rigorous screening by Chow Yun-fat himself, highlighting the selective nature of potential buyers.
Beyond this property, reports suggest that Chow Yun-fat and his associates currently possess a portfolio comprising at least seven residential units and a plot of land across The Peak, Kowloon Tong, Prince Edward, and Sai Kung, collectively valued at over HK$1 billion.
Hong Kong, long defined by sky-high property prices, has been experiencing a vicious slump.
Home prices have fallen by over a quarter since late 2021. In September they reached their lowest level in eight years; the number of unsold homes had already hit a two-decade high. Commercial property is in trouble, too as per recent reports.
