27th August 2026 – (Hong Kong) A prominent luxury villa at Mount Nicholson on The Peak has changed hands at a historical low price, reflecting a rare substantial loss in one of Hong Kong’s most exclusive residential enclaves. The residence, located at Phase 1, No. 18 Mount Nicholson, boasts a saleable area of approximately 8,050 square feet and a private garden of around 4,181 square feet. It was sold this month for HK$470 million, translating to about HK$58,385 per square foot. This marks the first occasion a house in the estate has been sold for under five hundred million dollars.
The original owner, Liu Jincheng, the former chairman of Beijing Hecon Inverter Technology, purchased the property new in July 2017 for six hundred and forty-five million dollars. After holding the asset for around nine years, Liu has suffered a significant paper loss of about one hundred and seventy-five million dollars, with the property’s value decreasing by approximately twenty-seven per cent. After factoring in stamp duties and commissions associated with the sale, the total realised loss could exceed three hundred and seventy-three million dollars.
Media reports indicate that there were no records of any mortgages or loans taken out on the property following its purchase. Furthermore, estate agents noted no prior public listings for the villa, leaving uncertainty over whether the transaction represents an internal transfer.
Mount Nicholson, situated at 8 Mount Nicholson Road, was jointly developed by Wharf Holdings and Nan Fung Group and sold by Wheelock Properties. The estate once set Asian records for apartment prices at more than one hundred and forty-four thousand dollars per square foot, attracting the label “King of Asian Properties.”
This year, the development has seen several notable secondary market sales, including another high-profile loss involving property developer Chen Jiarong, whose adjoining units on the sixth floor of Phase 2 were sold in May for five hundred and fifty million dollars at around sixty-two thousand dollars per square foot. After nearly nine years of ownership, Chen recorded a loss of approximately forty-three million dollars, or around seven per cent, upon sale.
