Hong Kong’s ultrarich sell off trophy homes

Hong Kong’s wealthiest residents are selling their trophy homes at serious discounts, the latest fallout from the city’s property slump. “Hong Kong’s housing market has long had an are-you-kidding-me feel to it,” The New York Times wrote, with prices climbing ever higher for the past 20 years. But the collapse of mainland China’s real estate market is forcing tycoons to let go of their villas and mansions for as little as half their previous values.

“The only thing that is sellable is residential property because, if you lower the price enough, there will be buyers,” a real estate executive said. Still, lower interest rates in the city could lead to a rebound in property prices next year, analysts forecast.