Actress Ada Choi and other cash-rich buyers are splurging on Hong Kong real estate. here's why

Yuen and Lee have long been active investors in luxury real estate. Most notably, they sold a 9,890 square foot luxury home at 22 Barker Road on The Peak for HK$1.5 billion in 2015, making it the second most expensive sale in the world in terms of price per square foot at 150,000 Hong Kong dollars. Yuen paid HK$163.5 million for the house which was then 70 years old in 2000.

The same year, Lee purchased an apartment in Opus Hong Kong in Mid-Levels for HK$375.4 million. The 5,199 square foot house on the sixth floor was valued at HK$72,201 per square foot.

Hong Kong actress Ada Choi Siu-fan and her husband Zhang Jin spent HK$44 million, or HK$17,000 per square foot, in late May to buy a 2,562 square foot detached house in Riva, Yuen Long, according to local media.

Wong Pui-fan, widow of William Mong Man-wai, founder of Shun Hing Holdings Known for introducing rice cookers to Hong Kong after World War II, it is also actively looking for properties after the curbs were removed, real estate agents said.

Wong this month purchased a 1,513 square foot three-bedroom apartment at Mid-levels Dynasty Court, a luxury development by Sun Hung Kai Properties completed in 1991.

The unit sold for HK$51.2 million, or HK$33,840 per square foot, according to Sammy Po Siu-ming, CEO of Midland Realty's residential division.

Wong also reportedly acquired eight units on the Blue Coast from Wong Chuk Hang in June for HK$140 million, according to local media. The project is a new residential development by Li Ka-shingthe flagship developer of CK Asset.

At the end of May, the sister of the pop idol of the 80s Danny Chan Pak-keung reportedly purchased a 1,956-square-foot, four-bedroom unit at Ap Lei Chaus Corniche, a luxury project co-developed by Chinese developer Logan Group and KWG Group Holdings, according to local media.

After three months of real estate restrictions being removed, the residential market is more stabilized, which attracts these celebrities and end-users to enter the market, said Raymond Tsoi, chairman of Asia Property Holdings, who has 38 years of experience in the real estate sector. This indicates that people are not too pessimistic about the real estate market in the long term.

Tsoi himself purchased a HK$30 million luxury unit in the Southern District in recent months for a long-term investment.

Prices of some properties have fallen about 25 percent from the peak, which I consider acceptable to buy now, he said. And I think buyers coming into the market now feel the same way.

The market will see less short-term speculative buying by investors as interest rates remain high and property prices are less likely to rise substantially, he said.

Since the removal of property restrictions in late February, Hong Kong's mass residential market has continued to slow transactions after an initial surge.

In the primary market, transactions increased significantly to 4,141 units in March, up from 262 in February, according to data provider Dataelements. That number fell more than 50 percent to 1,880 units in April and fell another 32 percent to 1,273 in May.

The luxury segment is more resilient than the mass market, said Lucia Leung, director of research and consulting for Greater China at Knight Frank. Cash-rich buyers and investors have taken advantage of significantly lower and discounted prices to purchase distressed or ultra-luxury apartments.

The luxury market is still mainly supported by mainland buyers, she added.

However, the high sales volume may not be sustainable amid limited purchasing power unless interest rates are reduced in the second half of the year, Leung said.

In May, a 5,171-square-foot mansion at 10B Blacks Link, previously owned by an executive of a debt-ridden developer Evergrande China Groupsold for 448 million Hong Kong dollars, according to the Land Registry. The price was 44 percent lower than the property's estimated value of HK$800 million.

Some specific luxury properties have fallen to a more reasonable level, which could be the main reason why cash-rich people are entering the market, said Joseph Tsang, chairman of real estate services company JLL Hong Kong. But individual cases can't really indicate that the real estate market is on the right track to recover.

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