Winland Group Sells Hong Kong Assets at Major Loss Amid Real Estate Discounts
Winland Group is selling commercial assets in Hong Kong at steep discounts, including properties in the Lippo Centre at 60% below their 2017 purchase price. A local investor is set to acquire a shop and unit for HK$299 million, significantly reduced from HK$729 million, while another site in Tsim Sha Tsui is listed for HK$50 million, down from HK$88 million. This move reflects ongoing challenges in China's housing market, where average home prices continue to decline.
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Winland Group is selling commercial assets in Hong Kong at significant discounts, including properties in the Lippo Centre at 60% less than the 2017 purchase price. A local investor agreed to buy a shop and unit for HK$299 million ($38.3 million), down from HK$729 million.
Additionally, a site in Tsim Sha Tsui is on the market for HK$50 million ($6.4 million), a reduction from HK$88 million last year, with potential as student housing. In the Philippines, Rizal Commercial Banking Corporation provided PHP 2.786 billion ($47 million) for the expansion of Digital Halo's data center.
China's housing market continues to decline, with average home prices dropping in December. Centaline Property Agency reported that mainland buyers purchased nearly 14,000 homes in Hong Kong last year, a 20% increase, contributing to HK$141 billion ($18 billion) in investments.
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