Chow Yun-fat nets 91% gain on Hong Kong flat after 31 years as prices rebound

Legendary actor Chow Yun-fat's 31-year property hold yields a 91% profit, spotlighting a tentative recovery in Hong Kong's secondary housing market. | Contesto: cronaca

Punti chiave

• Chow Yun-fat nets 91% gain on Hong Kong flat after 31 years as prices rebound

Contesto

Hong Kong cinematic icon Chow Yun-fat has sold a Mid-Levels apartment he owned for 31 years, realizing a gain of approximately 91 per cent, according to Land Registry records. The 541-square-foot, three-bedroom flat in Corona Tower was sold for HK$7.5 million (US$960,000), equating to HK$13,863 per square foot. The sale agreement was signed on February 11, with the transaction officially registered on March 11, netting the actor a profit of HK$3.58 million on his original investment. The transaction provides a high-profile data point for analysts tracking the health of Hong Kong's secondary residential market, which has shown signs of stabilization after a prolonged downturn. Property prices in the city, once the world's most expensive, have been under pressure from high interest rates, an exodus of talent, and economic uncertainty. The substantial gain on a property held for over three decades, however, underscores the long-term resilience of prime Hong Kong real estate, even as shorter-term volatility persists. Chow Yun-fat, renowned globally for roles in films such as 'Crouching Tiger, Hidden Dragon' and 'Hard Boiled', is known locally as much for his modest lifestyle as for his acting prowess. His decision to sell a long-held asset is being watched closely, not for any financial distress—the actor is famously frugal—but for what it may signal about market sentiment. The sale occurred as transaction volumes in the secondary market have increased, spurred by the government's removal of certain cooling measures designed to curb speculation. The flat's location in the desirable Mid-Levels district, perched between the Central business district and the Peak, has historically commanded premium prices. The achieved price per square foot, while substantial, reflects a market that has retreated from its historic peaks. Industry observers note that while the 91 per cent gain appears impressive, it represents a compound annual growth rate that is modest by the standards of Hong Kong's property boom years, highlighting the extended nature of the investment period required to secure such returns in the current climate. The outlook for Hong Kong's property market remains...

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Categoria: cronaca