Mainland buyers are driving a surge in Hong Kong’s ultra-luxury property sales, accounting for 80 percent of transactions worth HK$300 million (US$38.2 million) or more over the past 19 months, the South China Morning Post reports – citing figures from property consultancy Savills.
Between January 2024 and July 2025, 35 such deals were completed: 24 last year and nine in the first seven months of this year. These amounted to HK$23 billion (US$2.93 billion), with five individual deals worth more than HK$1 billion (US$127.4 million) on their own.
Savills’ director and head of residential sales Thomas See said the buyers “came from emerging industries in mainland China” like artificial intelligence (AI), fintech and gaming, or made their money in sectors that boomed due to the Covid-19 pandemic, such as healthcare and logistics.
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Twenty-four of the newly purchased properties were on Hong Kong Island (specifically, the Peak, Jardine’s Lookout and the Southside), with the remainder in Kowloon’s Kai Tak and Kowloon Tong areas.
More than half were first-hand sales (purchased directly from developers), while the rest involved financially distressed sellers – including five in receivership. According to See, most of the secondary sellers’ struggles related to their investments in Hong Kong’s property market.
For example, a stand-alone townhouse at 28 Peak Road in October 2024, which sold for HK$1.05 billion (US$133.8 million) in October to Zhansheng Network Technology, was mortgagee stock belonging to a family involved in real estate development. The wife of the co-founder of Chinese selfie app Meitu, meanwhile, paid HK$465.8 million (US$59.3 million) for a home in Jardine’s Lookout – a sum 22 percent under its HK$600 million (US$76.4 million) asking price.
