In a jaw-dropping real estate transaction, Peter Lau Pak-fai, the Executive Director and Co-Founder of the well-known Japan Home Centre chain, has sold his lavish four-bedroom apartment situated at 6 Shiu Fai Terrace in East Mid-Levels for HK$52 million. This sale reveals a staggering financial blow, with Lau incurring a loss of approximately HK$33.785 million, which is nearly 40% of his original investment!

Originally listed at an impressive HK$68.8 million, Lau faced the reality of the market and slashed the asking price by HK$16.8 million—nearly 24.4%—before successfully offloading the property. At HK$52 million, the sale translates to about HK$19,281 per square foot for the 2,697 square feet of prime living space, which also includes a parking spot.

Peter Lau purchased this remarkable apartment back in 2014 for HK$84.985 million. Including an additional HK$800,000 for the parking space, his overall investment totaled HK$85.785 million. The significant decline in property values reflects broader trends in Hong Kong's real estate market, which has seen fluctuations and pressures over the past few years.

Lau is no stranger to high-stakes real estate; he previously garnered attention when he bought a stunning flat at 8 Deep Water Bay Road for nearly HK$180 million in 2020. Additionally, he paid a considerable HK$26.94 million in stamp duty and already owns luxury properties in prime locations such as Kowloon Station’s The Arch and Grand Austin.

As one of the pioneers who opened the first Japan Home Centre on Java Road in North Point back in 1991, Lau has played an instrumental role in providing affordable home products across over 300 global locations. The company recently celebrated a successful public listing, a testament to Lau's business acumen and dedication over the years.

However, in a surprising twist, Lau has stepped back from his professional responsibilities to enjoy a quieter lifestyle, turning his attention to horse racing. He is notably the proud owner of a racehorse named “Romantic Warrior,” showcasing his commitment to new adventures beyond the world of retail and real estate.

This latest property loss serves as a stark reminder of the volatile nature of the real estate market and raises questions about the future of luxury investments in Hong Kong. What does this mean for investors and buyers in the region? Stay tuned for updates as we continue to monitor this developing story!