Hong Kong actor Chow Yun-fat sharply lowered the asking price for a luxury dwelling he owns.
On the 30th, Taiwanese outlet ETtoday reported that Chow Yun-fat recently put his name-brand top-tier dwelling on the market at a heavily discounted price amid the recent slump in Hong Kong's real estate market.
According to the report, the detached dwelling the Chow couple owns on Victoria Peak in Hong Kong has, since being listed in 2022, recently had its desired asking price reduced to 160 million Hong Kong dollars(about 29.3 billion won). Over four years it lowered the cumulative price by 60 million Hong Kong dollars(about 11 billion won), a drop of 27%.
Also, according to Hong Kong outlet Sing Tao Daily, the dwelling has a usable area of 2,547 square feet(about 71.6 pyeong), a large garden of 2,000 square feet(about 56.2 pyeong) and a rooftop terrace of 700 square feet(about 19.7 pyeong), boasting an unobstructed southern sea view.
Chow Yun-fat purchased this dwelling in 2010 for 128 million Hong Kong dollars(about 23.4 billion won) and, despite completely renovating the interior, is known never to have lived in or rented it out. It appears he ultimately lowered the price to sell after failing to resist the recent price declines of luxury dwellings in the Victoria Peak area.
Notably, despite making large concessions on price, the screening criteria for potential buyers are very strict. It is reported that ordinary real estate agents or buyers cannot casually make appointments to visit the house.
Nevertheless, Chow Yun-fat is still making substantial revenue from real estate investments. According to reports, in April he sold an apartment in Shibansan, Hong Kong, that he had owned for 31 years for 7.5 million Hong Kong dollars(about 137 million won), realizing a capital gain of 3.58 million Hong Kong dollars(about 65 million won).
Market estimates say Chow Yun-fat owns at least seven luxury dwellings or land plots, with a total market value exceeding 1 billion Hong Kong dollars(about 183.5 billion won). However, the Chow couple currently live in an old home in Kowloong Tong that they bought in 1990 for 14.7 million Hong Kong dollars(about 2.7 billion won). He is beloved by the public for his down-to-earth behavior, typically using public transportation and frequenting ordinary eateries called cha chaan tengs.
[Photo] OSEN DB
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