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Alejandra Baigorria exploits and defends the quality of her perfume: “It beats French and Italian perfumes” | Instagram | ShowsOne by one, tycoons who built their wealth on China’s economic rise have been giving up their trophy homes in Hong Kong. Two apartments in a Frank Gehry glass-and-steel tower that twists out of the mountainside. Three European-style mansions with turrets and swimming pools. Four white villas sitting in a row. Creditors seized the homes of Evergrande chairman Hui Ka Yan, which were collectively worth more than $US190 million, after the company collapsed. One of them sold this year for $US58 million, less than half of the $US130 million that a company tied to Evergrande and Hui had paid for it in 2009. Credit: Bloomberg All but two of the properties have already sold for tens of millions of dollars each. And while it might be hard to believe, each one was a steal — snatched up for discounts of one-third to more than half of the previous values. Hong Kong’s housing market has long had an are-you-kidding-me feel to it. For nearly 20 years, property prices have climbed higher and higher, turning it into one of the most unaffordable cities in the world, where the poor rented subdivided apartments so small they were colloquially known as “coffin homes.” Loading Now, many of the same people who contributed to the housing market’s inequities, from the builders to the wealthy speculators, have found themselves being forced to sell their prized homes fast. Their riches had swelled with an unfathomable rise in China’s real estate market, and its collapse and aftermath have left many short on cash. Most notable among them is Hui Ka Yan of the onetime property giant China Evergrande. Creditors seized his European-style homes, which were collectively worth more than $US190 million ($291 million), after the company collapsed . One of them sold this year for $US58 million, less than half of the $US130 million that a company tied to Evergrande and Hui had paid for it in 2009, according to the global real estate firm Knight Frank. A Hong Kong court ordered China Evergrande to liquidate this year, setting off a search by its foreign investors who were owed money for anything that could be sold off. Chinese authorities took Hui away last year and accused him and Evergrande of fraud. “Everyone is asking for money,” said Joseph Tang, the chair of real estate firm JLL in Hong Kong. Businesses are under pressure as the economy continues to slow, the broader property market is under strain and the cost of borrowing has climbed steeply. “The only thing that is sellable is residential property because, if you lower the price enough, there will be buyers,” Tang said. China’s rich are losing so much money that 432 men and women were stripped of their status as billionaires over the past three years, according to the Hurun China Rich List, published by a wealth research firm based in Shanghai. In Gehry’s Opus Hong Kong building, which has 12 luxury apartments, two of the recent sellers were once among China’s richest men: property developers Chen Hongtian and Chen Changwei. Credit: NYT Famous for its skyline of glass towers that once symbolised the city’s economic prowess, Hong Kong’s landscape is now a visual reminder of its problems. The city is still trying to reclaim its title as a hub for international finance and recover from the collateral damage caused by years of strict pandemic policies that made travel to the city at times impossible. In addition, political changes in Hong Kong have raised the legal stakes for Western companies. It was not just the owners of fancy homes who were caught out when the tide receded. Landlords of signature Hong Kong office buildings that housed the world’s best-known financial, legal and corporate institutions are scrambling to bring in new tenants to replace companies that have left. Busy shopping areas once crammed with small stores are still suffering from fewer tourists, and some storefronts remain boarded up. Nearly 17 per cent of commercial property is empty, according to CBRE, the real estate firm. The changes are rippling through the financial system, too. Banks that were once reliable lenders to Hong Kong’s property sector have suffered a surge in defaults from commercial real estate this year. The property sector is “working through its worst downturn since the Asian financial crisis” of 1997, and the sharpest pain is being felt by financial institutions, analysts at the ratings agency S&P Global wrote in a report. In response, lenders are charging more to landlords and developers whom they lend to. Famous for its skyline of glass towers that once symbolised the city’s economic prowess, Hong Kong’s landscape is now a visual reminder of its problems. Higher interest rates and a strong currency have made it even more difficult to bounce back. The Hong Kong dollar is pegged to the US dollar, and for four years, the Federal Reserve kept interest rates high to fight American inflation. As the Fed cut rates this year, Hong Kong’s monetary authority followed, lowering the interest rate in September to 5.25 per cent. But that is still the highest point since 2007. The fate of Hong Kong’s currency may depend on the US central bank, but its economy is closely linked to the rest of China, where growth has slowed and prices have fallen. Hong Kong real estate is feeling China’s pain. “Overall, the economy of China has always had a close relationship with Hong Kong, and the property market has always been highly correlated,” said Hannah Jeong, an executive director at CBRE. “When China’s economy goes down, Hong Kong’s economy follows,” she said. The high-end luxury property sales have been dominated by what are known as “distressed sellers,” including some who are heavily exposed to the Chinese economy, according to Jeong. In many of these cases, their homes have been seized by a bank or creditors that are owed money. Four villas on Plantation Road recently sold for $US141 million, a little less than half the previous sale price in 2017. Credit: NYT Most of these properties were bought during a different era, when Hong Kong was flush with money from a booming China. In Gehry’s Opus Hong Kong building, which has 12 luxury apartments, two of the recent sellers were once among China’s richest men: property developers Chen Hongtian and Chen Changwei. (They are not related.) Local news reports said Chen Hongtian’s apartment was one of a number of properties seized by lenders, including a 9000-square-foot home that he had purchased soon after the Opus property in 2015. His Opus apartment was “a little bit too tiny,” he told the local South China Morning Post in 2016. He also told the newspaper that luxury homes for sale in Hong Kong were “extremely rare.” No longer. Loading A short drive away from Opus, along a winding road, is Black’s Link, where a cluster of three mansions once tied to Hui of Evergrande is. They are on sale for more than $US190 million — one has been sold so far. The prices on the other two have come down since they were first listed last year. Nearby on Plantation Road, four mansions recently went for $US141 million, nearly half of what the sellers paid for it. Property experts expect more deals to come. Nearly two dozen properties, each worth $US50 million or more, have come on the market in Hong Kong this year. This article originally appeared in The New York Times . The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning . Save Log in , register or subscribe to save articles for later. Billionaires Inside China Hong Kong Most Viewed in Business Loading
NoneSponsored content. Us Weekly receives compensation for this article as well as for purchases made when you click on a link and buy something below. Sneakers are so versatile. Whether you’re working out or rocking a street-style ensemble there are so many ways to dress them up or down. Jennifer Garner has proven to be a big fan of the cozy footwear style . One of her go-to shoe brands has a bestselling pair of kicks on sale at Zappos for Black Friday! Get the Brooks Adrenaline GTS 23 for just $100 (originally $140) at Zappos! Over the summer, the Once Upon a Farm co-founder shared an Instagram of her showcasing an hilarious attempt to jump on a box in order to be an Olympic contender. While she didn’t make the cut, Garner wore the Brooks Adrenaline GTS 22 Supportive Running Shoe. Right now, Zappos is offering 29% off off the brand’s Adrenaline GTS 23 sneakers for Black Friday. The Adrenaline GTS 23s are durable and makes you feel like you’re walking on a cloud. GuideRails technology and DNA Loftv2 midsole cushioning are two high-performance features that help the sneakers deliver their cozy fit. The sneaks also come with an engineered air mesh upper for breathability and a removable foam insole. These celeb-loved kicks are ideal for runners. The round-toe design and GTS design help workout enthusiasts maintain their natural stride as their energy shifts throughout their run. Not to mention they’re aesthetically pleasing. They come in 18 different shades and have a flattering silhouette that’s perfect for styling with casual pieces along with traditional workout gear. The sneakers are so comfortable, they earned the American Podiatric Medical Association Seal of Accpetance, which acknowleges that they promote good foot health and are substaintiated by a committed of podiatrists. Garner isn’t the only one loving these sneakers. “Amazing support and perfect for walking,” one reviewer shared. “I walk 7 miles a week and these are my favorite! I’m 59 and walking over a little over a mile 5 times a week.” Another customer agreed. “My normal size of 8N fits perfectly, [they have] good support and [are] comfortable for my daily power walks.” Whether you’re honing in on wellness goals or looking for a comfy pair of sneakers to style with your officewear, you can’t go wrong with a pair of sneakers from Brooks. The celeb-loved brand is offering massive markdowns for Black Friday, making it the ultimate time to stock up. Check our latest news in Google News Check our latest news in Apple News Get the Brooks Adrenaline GTS 23 for just $100 (originally $140) at Zappos!Kaylene Smikle scored 16 points and made a couple key baskets down the stretch to help No. 10 Maryland women’s basketball hold off George Mason, 66-56, in a matchup of unbeatens Saturday at the Navy Classic in Annapolis. The Terps (7-0) led by just two when Smikle stole the ball and made a layup while being fouled. The free throw pushed the lead to 58-53. Then a putback by Smikle put Maryland up by seven. The Terps won despite shooting 13 of 26 on free throws. George Mason (6-1) trailed by 10 at halftime before outscoring Maryland 18-7 in the third quarter. The Patriots’ final lead was 49-48 in the fourth after a jumper by Kennedy Harris. Harris led George Mason with 26 points. Maryland is off to its best start since winning its first 12 games in 2018-19. The Patriots have lost all nine meetings with Maryland, but it’s been more competitive of late. The Terps won 86-77 last year, and this game was more competitive than the final score suggested. After a down season by their standards, the Terps are off to a nice start, but the free throw problems in this game nearly cost them. Related Articles With the score 55-53, George Mason had a chance to tie, but the Patriots never really recovered after Smikle swiped the ball from Harris and went the other way for a three-point play with 3:08 remaining. Although Maryland was awful at the line, at least the Terps got there. George Mason was only 3 of 8 from the stripe, and the Terps held the Patriots to 32% shooting from the field. Alumni Hall, Annapolis Sunday, 3:30 p.m. ESPN+Lego and Formula 1 unite to ignite the thrill of racing ahead of 2025 season
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