A Hong Kong homeowner who held a property for more than half a century has sold it for over 250 times the original purchase price, drawing fresh attention to the city's real estate market. The case has generated even greater interest as it coincides with a revival in high-end property transactions.
Lawrence Wee Kam-kee, 80, a veteran sports administrator in Hong Kong, sold his house in Kowloon Tong for approximately HK$190 million (about 36.6 billion to 36.8 billion won, or roughly $24 million), the South China Morning Post reported Friday. He originally acquired the property in 1974 for just HK$750,000 (about 140 million won). The sale price represents approximately a 250-fold return on his initial investment over 52 years.
Wee is a well-known figure in both Hong Kong's sports community and business circles. He built an extensive career in sports administration and philanthropy, serving as chairman of the Hong Kong Football Association and head of the Community Chest of Hong Kong. The transaction has now brought him attention as a long-term property investor as well.
Explaining his decision to sell, Wee said, "I had been considering selling for a long time, but I carefully monitored market conditions and chose an appropriate moment." He added, "I waited for better terms to complete the deal." He also cited the burden of living alone in such a large property as a factor. Wee said he had already moved out about a year ago and had considered renting it out, but "decided to sell because managing it as a rental would have been too cumbersome."
The property is a four-story detached house with a private garage accommodating two cars and a usable area of approximately 764 square meters. Such spacious standalone residences are extremely rare in Hong Kong's apartment-dominated housing market. The Kowloon Tong neighborhood is a traditionally affluent area prized for its excellent educational environment and residential amenities. Its low-density development has helped maintain a pleasant living environment and sustained stable asset values over the long term.
Hong Kong's property market, famous for having among the world's highest home prices, has been in a prolonged downturn since peaking in 2021, squeezed by the twin pressures of rising interest rates and an economic slowdown. According to Hong Kong's Rating and Valuation Department (RVD), the private residential property price index has fallen approximately 26% from its September 2021 peak. However, signs have emerged this year that the decline is narrowing and transaction volumes are recovering.
According to real estate brokerage Midland Realty, 48 luxury residential transactions exceeding HK$100 million were recorded in the first quarter of this year, up from 44 in the preceding quarter. Analysts say demand is reviving, particularly for high-value properties.