Celebrities Slashing Prices to Sell Homes as Secondary Luxury Trade Stays Slow

By the Editorial Team · Saturday, August 1, 2026

Several prominent Hong Kong celebrities, including Chow Yun-fat, Stephen Fung, and William Chan, have reduced asking prices on their luxury properties amid a slowdown in the secondary market for upscale homes. This trend reflects growing price flexibility and declining transaction volumes, suggesting potential price drops of up to 10 percent as cautious buyers delay purchases in response to market volatility.

Several high-profile individuals have recently reduced asking prices on luxury properties as the secondary market for upscale homes in Hong Kong exhibits signs of slowing activity. Industry experts indicate that prices for such properties may decline by as much as 10 percent in the near term.

Notable figures including actor Chow Yun-fat, director Stephen Fung Tak-lun, and singer William Chan Wai-ting have all adjusted their asking prices before completing sales. Chow’s detached residence at Sunshine Villa, 48 Mount Kellett Road, The Peak, saw its price drop by HK$35 million to HK$160 million, a reduction exceeding 27 percent from its original HK$220 million listing.

Similarly, Stephen Fung sold his mid-level unit at 63 Pok Fu Lam’s Tower 2 in March for HK$7.05 million after multiple price cuts totaling HK$1.66 million, or a 19 percent reduction from the original asking price of HK$8.7 million. Fung incurred a paper loss of HK$1.35 million, equating to a 16 percent decline over six years of ownership. William Chan sold his terrace unit at The Pavilia Hill in North Point in May at HK$26.28 million—a 23 percent discount from its 2022 listing price of HK$34 million—incurring a small paper loss of HK$23,000 after holding the property for 11 years.

Joseph Yan, senior principal district sales director at Centaline Property, stated that approximately 30 percent of luxury home sellers in The Peak and Southern district are prepared to reduce prices by roughly 10 percent. Another 20 percent of sellers reportedly remain open to negotiation upon receiving offers. Yan suggested there remains potential for further price adjustments amid current market conditions.

Though Hong Kong’s luxury property sector experienced a strong rebound in the first half of 2026, renewed volatility in stock markets has instilled caution among investors, leading many prospective luxury buyers to delay their purchases. According to Centaline Property’s data, secondary market transactions for luxury homes in The Peak and Southern district dropped sharply from 35 in June to just six in July—an 83 percent decline. Mid-levels Central saw a similar trend, with only five luxury property sales in July, down 75 percent from June’s 20 transactions.

John Fong, chief district sales director at Midland Realty, noted that sellers in the secondary market have modestly expanded their negotiation margins to between 3 percent and 5 percent. He cited a recent sale of a repossessed property at Sunshine Villa, near Chow’s residence, which sold in late July for almost HK$60 million after a 4 percent price reduction from the initial HK$62.49 million asking price. However, Fong cautioned that Chow’s residence represents a unique case, pointing out the wide variability in turnover rates and pricing patterns among top-tier luxury homes.

Paul Cheung, regional sales director at Centaline Property, added that some sellers in Mid-levels who had initially set aggressive price points have recently lowered them, allowing for negotiation of about 5 percent. Overall, the luxury secondary market appears to be adjusting to more cautious buyer sentiment, with price flexibility rising as demand softens.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.