A bank trying to unload a luxury mansion in Hong Kong formerly owned by a Chinese property tycoon has slashed its price by about 60%, reflecting the tepid demand for high-end real estate.
The house at 15 Gough Hill Road is on offer for about HK$700 million ($90 million) to HK$800 million, compared with a purchase price of more than HK$2 billion in 2016, according to property agents familiar with the matter. The property was put on the market again last week after five failed tenders, according to a sales filing.
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