Hong Kong property: rich and famous lose billions as they succumb to slumping home values
Hong Kong elites lost billions in property deals in 2024, as wealthy individuals facing liquidity challenges in a high-interest rate environment and soft economy offloaded their assets at fire-sale prices. Notable sellers included Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, who lost US$16 million in November. The 62-year-old tycoon sold nine … Read more