How Hong Kong’s property slump is affecting asset values owned by celebrities and tycoons
Macau tycoon Stanley Ho’s family is selling a site in Tsim Sha Tsui, while actor Nicholas Tse’s shop in Central rented out at a big discount
Hong Kong’s weakening retail sales and slumping property market have sharply reduced the capital values of commercial real estate owned by celebrities like Nicholas Tse Ting-fung and the family of the late “King of Gambling” Stanley Ho Hung-sun.
The Macau tycoon’s property at 20 Kimberley Street, Tsim Sha Tsui, has been put up for sale at HK$88 million (US$11.3 million), CBRE, the sole agent for the sale, said on Tuesday. The 1,410 sq ft corner site has a maximum commercial development potential of about 16,920 sq ft.
“It is very rare to see such a prime development site in the heart of Tsim Sha Tsui for sale,” said Reeves Yan, head of capital markets at CBRE Hong Kong.
He added that the price translated to an accommodation value of HK$5,200 per square foot. Accommodation value is the land acquisition cost divided by the gross floor area permitted for the project.
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The most recent commercial en-bloc sale in Tsim Sha Tsui was that of The Popway Hotel, at No. 117 Chatham Road South in June 2024, which was valued at HK$180 million or HK$7,331 per square foot.
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