5 famous, hidden billionaires are new owners on The Peak amid Hong Kong debt crunch
Perched atop one of the world’s most expensive residential markets, luxury homes on The Peak in Hong Kong are rare gems coveted by ultra-wealthy people from inside and outside the city. Luxury homes on the south side of Hong Kong Island share the same acclaim.
However, a subtle shift in ownership has taken place in recent years. A number of owners have succumbed to liquidity crunches amid high borrowing costs and economic inertia. This has made way for a new roster of residents to capture these plum assets, sometimes at fire-sale prices.
“Over the past three years, buyers have faced the devaluation of luxury assets,” said Hannah Jeong, executive director and head of valuation and advisory services at CBRE Hong Kong. “Those distressed assets were mainly from non-domestic owners with high leverage.”
Here are some of the high-profiled transactions in these exclusive residential enclaves.
