Indebted owner’s luxury property on The Peak on sale at 30% discount

A mansion in Twelve Peaks at 12 Mount Kellett Road is on sale for HK$330 million (US$42 million), down from HK$450 million six years ago

Distressed sales in Hong Kong’s luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago.

The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset.

Yip Yuen Sai bought the property for HK$450 million in 2019, according to the Land Registry. Yip is the founder of Shenzhen-listed Grandland Group, according to local media reports.

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