Sister of Former Hong Kong Chief Executive Tung Chee-hwa Purchases a $15 Million Apartment

The apartment was sold on Tuesday, as per Land Registry data.

Image: Hong Kong Tourism Board

Shirley Peng, sibling of former Hong Kong Chief Executive Tung Chee-hwa, allegedly acquired a HK$119 million (US$15.2 million) apartment in the city's prestigious Mid-Levels district during a persistent housing downturn.

The four-bedroom property, spanning 3,349 square feet (311 square meters), at the Grenville House complex was acquired by Noble Gather, a company whose directors reportedly include Shirley and her son William Peng, according to the South China Morning Post.

Image: Hong Kong Tourism Board

The apartment was sold on Tuesday, as per Land Registry data. William serves as the chairman of Chinese Maritime Transport, a firm engaged in bulk carrier operations, inland container transportation, and terminal services.

The sale price was approximately 8.5% cheaper than that of a comparably sized apartment on a lower floor, which sold for HK$130 million in December, according to a transaction record from property brokerage Centaline. It was also 26% lower than the HK$160 million Tung paid for another property in the same building in 2021, according to local media reports.

Peng's acquisition positions her among an increasing cohort of wealthy purchasers exploiting significant price declines in Hong Kong's luxury real estate sector, which is enduring one of its protracted recessions.

Cantopop artist Gloria Tang, professionally recognized as G.E.M. and frequently referred to as "China’s Taylor Swift," purchased two apartments in the Wan Chai neighborhood for HK$85 million in late March, reflecting a 35% reduction from their peak valuation three years prior.

According to property consultancy Knight Frank, sales of super-prime residences over $10 million in Hong Kong surged by 380% year-on-year in the final quarter of 2024.

Lucia Leung, the director of research and consultancy for Greater China at the firm, said that the increase "underscores a persistent demand for luxury residences among affluent purchasers, particularly as confidence starts to stabilize."

"She stated that, notwithstanding the overall market decline, luxury property transactions have continued to be vigorous in 2025."

Nonetheless, prices have not yet aligned with the increase in activity. A March analysis from Savills, a consultancy, indicated that although transaction volume has increased, an oversupply of distressed listings has maintained low values.

According to government data, home values in the city are 29% lower than their peak in 2021, and the number of homeowners in negative equity reached its highest level since 2003 by the end of March.