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The vacant building in Mong Kok district, with five floors spanning a total gross floor area of around 13,000 square feet (1,207 square meters), was listed last Wednesday, the South China Morning Post reported, citing Colliers, the sole agent handling the sale.
It was originally purchased for HK$420,000 in 1971 by Kowloon Investment, a 70-year-old property investment and management firm.
The listing came after Ho, Kowloon Investment’s director, and his family sold seven luxury homes on the Peak, raising around HK$3 billion to repay private loans.
These include three houses on Plantation Road sold for HK$1.1 billion in July, another three units on the same road for HK$828 million in October, and a townhouse on Peak Road for HK$1.05 billion in November. Some of these properties went for as low as half the price of the market peak, according to Bloomberg.
Similar to the Ho family, several entrepreneurs and celebrity property owners in Hong Kong have been selling luxury assets at distressed prices.
Hong Kong actor Chow Yun Fat late last year slashed the listing price of his mansion on the Peak by HK$25 million, bringing it down to HK$195 million. The property, named "Sunshine Garden," is one of the most valuable in his portfolio and was originally purchased for HK$128 million.
Likewise, a property in the bustling Tsim Sha Tsui shopping district, owned by the family of Stanley Ho—the "King of Gambling," who died in 2020 with a net worth of $14.9 billion—was put on the market earlier this year for HK$88 million.
"It is very rare to see such a prime development site in the heart of Tsim Sha Tsui for sale," said Reeves Yan, head of capital markets at property consultancy CBRE Hong Kong—the exclusive agent handling the sale.
In April, Gale Well Group CEO Jacinto Tong sold his penthouse for HK$138 million, according to land registry records. Tong and his sister have listed assets valued at approximately HK$2.2 billion for sale in 2025, including luxury residences, office buildings, and retail spaces.
