15 Gough Hill Road
Hong Kong. Unbranded. One house on The Peak that lost sixty-two per cent of its value in nine years.
This is the steepest recorded loss in the register, and it belongs here for that reason alone. Chen Hongtian, chairman of Cheung Kei Group, bought 15 Gough Hill Road in 2016 for HKD 2.1 billion — about HKD 228,000 per saleable square foot, then the highest price per foot in Hong Kong. The Bank of East Asia seized it in 2023. It sold in August 2025 for HKD 790 million.
A fall of 62.4 per cent, a paper loss of HKD 1.31 billion, on one house in nine years. A chain of record that only holds gains is not a record. Every other transaction in this register documents a rise or a listing; this one documents what the same market does in the other direction, with the lender's name on the middle event.
It sits among the twenty most expensive house sales in Hong Kong's history — a list where all twenty are in one city, on three hills: Deep Water Bay, The Peak and Gough Hill.
Who it is not for
Not for anyone reading this register as a catalogue of appreciating assets: the same address set a per-foot record and then lost nearly two-thirds of its value. Not for a buyer who assumes trophy property is liquid — it took two years from seizure to sale.
Sources
- Yahoo Finance and SCMP — Chen Hongtian purchase at HKD 2.1bn in 2016, seizure by Bank of East Asia in 2023, sale at HKD 790m in August 2025
- Mingtiandi — the HKD 1.31bn markdown
- Wikipedia — list of most expensive houses in Hong Kong: 9,212 sq ft saleable, GFA 18,078
- Ultra-Luxury Residential China & Hong Kong report, 6 September 2026
- Buyer of the 2025 sale not identified in any source consulted
Verification
- Official source
- Not yet checked
- Inventory
- From official source
- Property confirmation
- Pending
- Last verified
- —
Booking
Private Residences records addresses; it does not broker them. Enquiries are passed to the party named in the record, and nothing on this site is an offer.
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