Why some of Hong Kong’s desirable properties remain empty
What keeps buyers away from some of the world’s most popular real estate? Ghosts, it turns out.
Hong Kong is one of the most competitive real estate markets in the world, according to the Financial Times, but superstitions can also discourage real estate interest in Hong Kong.
Professor Utpal Bhattacharya of the Hong Kong University of Science and Technology followed the award for unity which became the scene of unnatural death.
The price of these “cursed” units is usually around 20% cheaper than the market price. Units on the same floor can drop up to 10% and units in the same block may drop up to 7%.
This phenomenon is not unique to Hong Kong. Bhattacharya also found evidence that ghosts can lower prices in other parts of the world.
Some properties are so unpopular that they can remain derelict, even though they should be one of the city’s most sought-after properties on paper.
The Dragon Lodge mansion in Hong Kong’s expensive Victoria Peak district has been abandoned for years, despite its stunning views of the city. There are terrifying rumors that Japanese soldiers occupied the area during WWII and beheaded several nuns there. Others say the previous owner did not prosper there.
A representative for the company that owns the property said there was no such evidence and the company would preserve the house instead of renting or rebuilding it.
Local home restoration experts said some apartments and houses had been left empty for more mundane reasons, but their abandonment fueled rumors. According to them, Chinese families. Says he can leave a vacant house that his parents gave him because of the respect of his ancestors.
[FT] – Dennis Lynch
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