HSBC Asia chairman's son buys Hong Kong homes for $37 million
With the Hong Kong property market mired in a slump, high-profile properties are being let go by distressed sellers at low prices. PHOTO: ST FILE
HONG KONG – The son of an HSBC Holdings leader has spent at least HK$231 million (S$37.5 million) buying luxury properties in Hong Kong this year, as the city's home prices hover at an eight-year low.
Jeremy Wong Ka Chun bought four flats at Hong Kong Parkview, a prime residential development in the city, through a vehicle in the past three months, according to filings. Mr Wong is the son of Peter Wong, chairman of the UK bank's Asia subsidiary, according to people familiar with the matter. Jeremy also works for HSBC, according to his LinkedIn profile.
He purchased two connected units for HK$121.5 million this month, through local company Lion Rock (HK), land registry filings show.
Months earlier, he used the same company, of which he is the sole director, to buy adjacent homes at another tower for HK$109 million. The properties were formerly owned by Bain Capital's Asia private equity partner Jonathan Zhu Jia and his wife, filings show.
Peter Wong was HSBC's top executive in Asia until he relinquished that role to be non-executive chairman of Hongkong & Shanghai Banking Corp., the bank's Asian entity, in 2021. Mr Wong backed a petition in support of Hong Kong's national security law in 2020, a move that prompted rebukes from UK politicians and investors.
The UK lender, which counts Hong Kong as its biggest market, is in a major restructuring under chief executive officer Georges Elhedery, who is seeking to increase efficiency.
Hong Kong's housing market is mired in a prolonged downturn, prompting some deep-pocketed investors to buy high-profile assets from distressed sellers at low prices.
In 2024, when a local wealthy family tried to offload seven luxury mansions in the Peak area, billionaire Yeung Kin-Man, who made his fortune from mobile phone touch screens, purchased four of them for HK$1.1 billion, according to the South China Morning Post. Another manufacturing entrepreneur, Stephan Horst Pudwill, bought the rest for HK$860 million, the same publication reported.
Hong Kong Parkview sits on a hill in Tai Tam, an area in the city's southeast known for its reservoirs and country park. Its developer, Parkview Group, has been strapped for cash as banks became reluctant to extend funds. It sought a loan backed by a collection of artwork from auction house Sotheby's earlier this year, but the talks didn't go through, Bloomberg reported this week. Some of the art has been displayed in a clubhouse at Hong Kong Parkview, according to documents seen by Bloomberg.
Parkview Group received a HK$300 million loan from investment firm PAG, and has also been in talks with private credit lenders since late last year for financing of at least HK$2.8 billion, using two residential towers as collateral. BLOOMBERG
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Malaysia to exempt beauty services from expanded sales tax after public feedback
Services such as manicures, pedicures, facials, and haircuts will remain exempt under the revised tax regime. ST PHOTO: KUA CHEE SIONG PETALING JAYA: The Malaysian government will not proceed with the proposed inclusion of beauty services under the expanded sales and service tax (SST), following public concern and feedback from industry players. The finance ministry said the decision was made by Prime Minister Anwar Ibrahim, who also holds the finance portfolio, after taking into account widespread sentiment ahead of the SST expansion taking effect on July 1. This means services such as manicures, pedicures, facials, and haircuts will remain exempt under the revised tax regime. The exemption is one of several adjustments announced by the finance ministry as part of efforts to fine tune the tax structure and cushion its impact on the public and small businesses. The government 'remains committed to ensuring that the SST revision is progressive and mitigates the impact on basic consumption items by the rakyat (people) and the impact on small businesses', the ministry said in a statement on June 27. The revisions follow widespread feedback from both the public and industry groups. Hairdressers and beauty salon operators had voiced concern that taxing services like haircuts and facials would unfairly burden small businesses and lower-income consumers, with objections raised earlier in June. In a broader move to manage cost-of-living pressures, the government will also exempt selected imported fruits – apples, oranges, mandarin oranges and dates – from the sales tax. The ministry reaffirmed that essential food items such as rice, chicken, beef, vegetables, eggs, and various local fish – including selar (yellowtail scad), tongkol (longtail tuna) and cencaru (torpedo scad) – whether fresh, chilled or frozen, remain exempt from the tax. These fish are staple protein sources for many households due to their affordability and accessibility. To reduce the burden on small businesses, the annual sales threshold for mandatory service tax registration has been raised from RM500,000 (S$150,800) to one million ringgit for leasing, rental, and financial services. This means only companies generating over one million ringgit in yearly sales from such services will be required to charge the 8 per cent tax. For financial services, the tax applies specifically to fee or commission-based activities. The ministry also reminded the public and stakeholders to refer only to verified information on the SST rollout, including official announcements, guidelines, FAQs and subsidiary legislation available through the finance ministry and Royal Malaysian Customs Department websites. The expanded SST will come into effect on July 1, 2025. THE STAR/ASIA NEWS NETWORK Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
3 hours ago
- Business Times
Thailand central bank vows to step in if baht moves are unhinged
[BANGKOK] Thailand's central bank is ready to tackle excessive baht volatility by managing any moves 'unhinged' from its fundamentals, a deputy governor said, amid calls from local businesses to temper the currency's rally to help exports and tourism. 'We do look at the baht closely and try not to let it be too volatile,' Piti Disyatat said in an interview late on Thursday (Jun 26). 'If it's driven by non-fundamental reasons, portfolio perceptions, sentiment that's unhinged with macro fundamentals then we will reduce the volatility.' The Thai baht has surged about 5 per cent this year, prompting some ministers and business groups to call for the central bank to weaken the currency to boost exports and tourism – the nation's biggest drivers of growth. Piti's comments also come at a time when the nation is in trade talks with the US to lower a 36 per cent tariff rate on its goods. President Donald Trump has long accused Asian countries for maintaining undervalued exchange rates that helped them amass trade surpluses with the US. The Bank of Thailand doesn't target any particular level or direction for the baht and its gain this year is in line with regional peers, Pita said. The currency is little changed on a trade-weighted exchange-rate basis and hasn't hurt the country's export competitiveness, he said. Thailand's exchange rate policy complies with the International Monetary Fund code when it comes to managing volatility so it shouldn't become an issue, Piti said, when asked if tariff talks with the Trump administration included exchange rate. While foreign-exchange intervention was one instrument at the central bank's disposal to maintain stability, BOT mostly allows the flexible exchange regime to absorb shocks, Piti said, adding 'we manage it only when we really have to.' The baht's move in tandem with gold prices is not deemed as a fundamental reason, though it amplifies the currency's movements, he said. A jump in Thailand's foreign reserves to a record US$259.9 billion this month reflects valuation adjustments in its asset holdings, rather than the central bank mopping up additional dollars, Piti said. BLOOMBERG
Straits Times
3 hours ago
- Straits Times
Japan says no fentanyl seized at border in six years after US smuggling report
FILE PHOTO: Japan's Finance Minister Katsunobu Kato speaks during an interview with Reuters at the Finance Ministry in Tokyo, Japan April 17, 2025. REUTERS/Issei Kato/File Photo Japan says no fentanyl seized at border in six years after US smuggling report TOKYO - No fentanyl had been seized at Japan's borders in the six years through 2024, Finance Minister Katsunobu Kato said on Friday, after a media report alleged a Chinese group in Japan smuggled chemicals into the United States to make the synthetic drug. "Japan will continue to take all necessary steps to prevent the smuggling of illegal drugs," Kato said at a regular briefing when asked about the allegations reported by the Nikkei Business daily. Kato did not say whether fentanyl he referred to included precursor chemicals as well as the finished drug. The media report, which identified a company operating in Nagoya, central Japan until at least July 2024, comes as Japan tries to negotiate a trade deal with the U.S. in a bid to roll back or eliminate a 25% tariff on Japanese automobile imports. U.S. President Donald Trump in March slapped additional tariffs on goods from Canada, Mexico and China after he accused those three countries of facilitating the flow of fentanyl into the U.S., where it has caused nearly 450,000 overdose deaths, The allegation that fentanyl precursor chemicals had been shipped from Japan will not affect Japan's ongoing trade talks, Japan's Minister of Foreign Affairs Takeshi Iwaya said. "Japan intends to continue actively working toward the eradication of illegal drugs, including fentanyl, through close coordination with the United States and other relevant countries," he said at a separate press briefing. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
