William Chan Adjusts Property Price in Response to Market Trends

In a significant move reflecting the current real estate market difficulties in Hong Kong, actor William Chan has reduced the price of his apartment by 21%. The property, located in the prestigious The Pavilia Hill development in Tin Hau, was initially listed in 2022. This adjustment comes as part of a broader trend among celebrities to expedite property sales in a sluggish market.

Investment Turned Challenge

Chan purchased the apartment in 2015 for HK$26.5 million as a gift for his mother, with the intention of it being an investment property. The apartment, which spans 1,078 square feet and includes a 161-square-foot platform, was generating a monthly rent of around HK$60,000. However, with the current asking price, the appreciation over nearly a decade stands at just HK$300,000, or about 1%, potentially leading to negligible profit or even a loss after accounting for sale-related costs.

Celebrities Adapt to Market Realities

This price reduction is not an isolated case. Other celebrities, including actors Carina Lau and Chow Yun Fat, as well as Miss Hong Kong Michele Reis and her husband Julian Hui, have also lowered their property prices to accelerate sales in the face of a challenging real estate environment.

Chan's Career Evolution

William Chan, 39, began his career in the entertainment industry as a member of the Cantopop group Sun Boy’z in 2006. After leaving the group in 2008, he embarked on a solo career, releasing his debut album the same year and making his screen debut in 2009. Since 2013, Chan has shifted his career focus to mainland China, marking a new chapter in his professional journey.