Chan Hoi-wan sells retail shops in Hong Kong for HK$130 million

Chan Hoi-wan, the CEO of Chinese Estates Holdings, and her sister, Chan Sze-wan, sold two retail shops in Hong Kong for HK$130 million (about US$16.7 million) on March 18. They lowered the asking price by 7 percent to complete the sale. The deal comes as more investors are selling properties in Hong Kong's main business locations. The commercial real estate market has been struggling for a while. Despite government efforts to improve the market, property values continue to decline. The sisters purchased the two shops in Wan Chai back in 2010 for HK$50 million and HK$70 million. They were rented out for HK$465,000 per month. However, property values in Wan Chai have dropped by around 10-15 percent in the past year. A report by property consultancy JLL indicates that a measure of private retail properties has fallen nearly 30 percent since July 2022. Since the market peak in November 2018, property prices have decreased by 37 percent as of the end of last year.