Sister of Former Chief Executive Makes Waves in the Luxury Real Estate Market

In a remarkable turn of events in Hong Kong's real estate scene, Shirley Peng, sister of former Chief Executive Tung Chee-hwa, has acquired a jaw-dropping HK$119 million (US$15.2 million) flat in the prestigious Mid-Levels neighborhood, all amidst a significant slump in property prices.

This opulent four-bedroom unit, spanning a generous 3,349 square feet (311 square meters) at the Grenville House complex, was purchased through a firm called Noble Gather, whose directors include Shirley and her son William Peng, as reported by the South China Morning Post.

Strategic Timing for Luxury Buyers

The transaction was officially recorded on Tuesday, marking an astute investment move as it came in at approximately 8.5% lower than a similar unit that sold for HK$130 million just a month prior. Even more striking is the fact that it's a whopping 26% less than the HK$160 million Tung paid for another unit in the same building back in 2021.

Shirley Peng's endeavor mirrors a growing trend among wealthy buyers capitalizing on steep declines in Hong Kong's luxury home market, which is currently mired in one of its longest downturns. In a similar wave of luxury acquisitions, popular Cantopop singer Gloria Tang, famously known as G.E.M., snapped up two flats in the Wan Chai district for HK$85 million, representing a 35% discount from their peak price three years ago.

A Surge in Super-Prime Transactions

Recent reports from property consultancy Knight Frank highlight a startling 380% year-on-year increase in the sales of super-prime homes, priced above $10 million, in the last quarter of 2024. Lucia Leung, the director of research and consultancy for Greater China at Knight Frank, noted that this uptick showcases a sustained appetite for luxury real estate among affluent buyers, especially as market confidence begins to stabilize.

"Despite the broader market slump, luxury property transactions have remained active in 2025," Leung stated.

Market Challenges Persist

However, despite the increase in transaction volumes, home prices continue to struggle. According to Savills, a respected property consultancy, while activity in property transactions has improved, the presence of distressed listings has kept prices in check.

Government data shows that home prices in Hong Kong are still 29% lower than their 2021 peak, and the rate of households facing negative equity has surged to its highest level since 2003 by the end of March.

Conclusion: A Unique Opportunity in Challenging Times

Shirley Peng's significant investment underscores a unique opportunity in challenging times for luxury property buyers in Hong Kong. As the market adjusts, it seems the wealthy are seizing the moment, and significant shifts may be on the horizon.