A Hong Kong businessman whose wife was arrested in Vietnam has emerged as the latest desperate seller in the city’s increasingly turbulent property market.
Eric Chu is offloading properties ranging from a hotel to luxury apartments in Hong Kong, sometimes at a significant loss after his Vietnamese wife became embroiled in one of the most high-profile scandals in the Southeast Asian nation.
Chu offloaded a hotel in Tin Hau area in June at almost half the price he paid for it in 2017, according to government documents and media reports. In the same month, he sold a project under construction to provide residential and commercial space in Quarry Bay for HK$412 million to local developer Wang On Properties Ltd. That’s much less than the HK$678 million that he reportedly paid for the asset in 2018.
The couple began actively investing in Hong Kong’s property market in the mid-2000s, buying everything from houses on the Peak to skyscrapers. Now they’re selling into a commercial property market that’s at its worst in almost a decade.The fire sale coincides with a number of distressed properties that are on the market, including those formerly owned by beleaguered Chinese developers.
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