Foreclosed luxury flat at Hong Kong’s 39 Conduit Road offered for HK$37m less than price paid in 2014

A distressed residential unit at Hong Kong’s prestigious 39 Conduit Road luxury development in Mid-Levels will be offered for auction at HK$37 million less than the price paid for it in 2014, a discount of 27 per cent.

The 2,476 square feet unit at Unit B on the 39th floor comprising four bedrooms and a parking space will be auctioned with an opening bid of HK$98 million, according to Century 21 Surveyor, which has been asked by the creditor to conduct the auction on April 28.

The unit, according to Land Registry, was sold to United Sunrise Properties Development, owned by directors Yin Cong and Chan Wai Yung, for H$134.9 million in June 2014. Bank of Communications was the mortgagee provider, shows Land Registry document.

Yin Cong is a mainland Chinese with a Tianjin address.

“This is probably the most expensive distressed apartment put up for auction in the past two years,” said Henry Choi, a director at Century 21 Surveyor.