Vivien Chiu, the Chief Operating Officer of Hang Seng Bank, has recently acquired a deluxe apartment in Hong Kong for HK$40 million, equivalent to around US$5.14 million. The cost per square foot of the 1,651 square-foot property amounted to HK$24,228, or US$33,517 per square meter, making it a record-setting purchase for the property in the current year.
The luxury apartment is situated in the Beverly Hill project located in the Happy Valley area of Hong Kong. The property last changed owners in 2014 for a sum of HK$16 million. The recent handover took place on Monday, as per the Land Registry records.
Chiu previously held positions in various departments at HSBC prior to her tenure at Hang Seng, which began in 2022.
In a similar vein, Diana Cesar, the CEO of Hang Seng at the time, bought a flat in the upscale Flora Garden complex located in the Tai Hang Mid-Levels area in August, for a sum of HK$26.63 million.
Recently, HSBC announced its plans to acquire Hang Seng Bank for a staggering sum of HK$106.1 billion. Despite the bank’s recent struggles, Hang Seng will retain its own license, governance, and brand after the acquisition.
This move comes as Hong Kong’s banking sector battles the most significant real estate slump since the late 1990s. Home prices in the city have dropped by approximately 30% from their peak in 2021.
Despite the downturn, the housing sector has shown promising signs of recovery. According to data from the Rating and Valuation Department (RVD), the official index for second-hand home prices has increased by 1.26% since April. The index saw its fifth consecutive month of growth in August, reducing the overall decline in the year to just 0.24%.
In August, some 5,291 homes changed ownership, representing an 8.2% decrease from July, but a 44.8% increase compared to the same period in the previous year. The total transaction value reached HK$42.2 billion, a decrease of 8.9% from the previous month but an increase of 48.2% year-over-year.
Between January and August, the combined sales of new and existing homes increased by 10% from the previous year to 42,379 units. This is the highest level for this period in the past four years, as reported by property agency Midland Realty.
What is the total cost of the luxury flat purchased by Vivien Chiu?
The total cost of the flat purchased by Vivien Chiu is HK$40 million, equivalent to around US$5.14 million.
Who is the former owner of Hang Seng Bank, and what are the terms of the bank’s acquisition by HSBC?
HSBC is the new owner of Hang Seng Bank. Despite the acquisition, Hang Seng will retain its own license, governance, and brand.
What are the recent trends in Hong Kong’s housing sector?
Home prices in Hong Kong have seen significant declines, but recent data shows signs of recovery with the index for second-hand home prices increasing by 1.26% since April.
