Hong Kong's property slump lowers celebrity asset values
scmp.com —
Hong Kong's property market slump is impacting the asset values of celebrities and tycoons. The family of Macau tycoon Stanley Ho is selling a prime site in Tsim Sha Tsui for HK$88 million, reflecting reduced commercial real estate values. Actor Nicholas Tse's shop in Central is also being rented out at a significant discount due to declining retail sales. The weakening market has led to lower capital values for commercial properties owned by high-profile individuals. The recent sale of The Popway Hotel in Tsim Sha Tsui for HK$180 million highlights the ongoing decline, with a price of HK$7,331 per square foot. This trend indicates a shift in the commercial real estate landscape in Hong Kong.