Seized Hong Kong Flat Sells for $14 Million, Media Reports Say

By Lorretta Chen

November 03, 2024 at 1:31AM EDT

Buildings in Hong Kong, China, on Tuesday, Jan. 9, 2024. The chill in Hong Kong's housing market is prompting owners of luxury homes to rent out their properties instead of selling. Photographer: Paul Yeung/Bloomberg (Paul Yeung/Bloomberg)

(Bloomberg) -- A Hong Kong luxury apartment seized by creditors was sold for HK$110 million ($14.1 million), an almost 40% discount from its asking price two years ago, according to several local media reports, citing Midland Realty.

The apartment is located in The Mayfair, a luxury development in the Mid-Levels area. Its previous owner was Andrew Hui, a local textile businessman and president of Profits Fund Global Holding Ltd. It was seized by creditors and put up for auction in 2022, with an asking price of around HK$180 million, reports say.

Several other properties owned by Hui that were seized by creditors sold at a loss earlier this year, HK01 reported.

The sale adds to a slew of distressed property disposals over the past year by wealthy individuals who were forced to sell off assets to repay debt.