Brother of Great Eagle chairman offloads residential assets amid Hong Kong market recovery
Home prices have fallen about 30 per cent from their 2021 peak, but recent data indicates a gradual recovery
Lo Ying-sui, a younger brother of Great Eagle Holdings’ chairman Lo Ka-shui, has started selling residential units in a sign that some investors prefer to maintain liquidity amid an uncertain property market cycle.
Land Registry records showed a unit registered under Joy Eagle was sold to King Faith International for HK$19 million (US$2.4 million) on March 17.
A company search showed that Joy Eagle’s directors include Lo Ying-sui and his wife Lim Boon Tuang Lynda. Lo is also a non-executive director of Great Eagle.
With a Doctor of Medicine degree from the University of Chicago, Lo is a specialist in cardiology and an honorary clinical associate professor at the Chinese University of Hong Kong Faculty of Medicine, according to the latest interim report of Great Eagle.
Angus Luk, senior director at property consultancy CBRE, said some investors preferred to maintain liquidity as property market cycles remained uncertain, while others were reshuffling their portfolios as prices stabilised and buyers returned to the market.
“Now that the market has improved, there are buyers willing to take over these properties,” Luk said. “If they had sold earlier, they might not have made a profit, but now they can.”