London Daily

Focus on the big picture.
Wednesday, Oct 01, 2025

US government sells Hong Kong mansions in secrecy amid  tensions with China

US government sells Hong Kong mansions in secrecy amid tensions with China

The US government has sold one of its biggest properties in the city under a shroud of secrecy amid worsening tensions between Beijing and Washington.

The US government has parted with one of its biggest properties in the city under a shroud of secrecy amid worsening tensions between Beijing and Washington.

It sold the six multi-storey mansions on 37 Shouson Hill Road after taking time to pick the winning bid when the tender closed at the end of July. It declined to disclose the winning buyer or the price. Analysts have estimated the value of the plot at between HK$3.2 billion (US$413 million) and HK$3.5 billion.

“The US government has accepted an offer for the property,” a spokesperson for the US Consulate General in Hong Kong said in an email reply to the Post on Wednesday. The transaction is expected to close on or about December 31, and part of the proceeds will be reinvested into its multiple properties in Hong Kong, it added.

CK Asset Holdings, Hong Kong’s second-largest developer controlled by tycoon Li Ka-shing, the only major developer among several bidders for the property when the tender closed on July 31, was not the winner, sources familiar with the matter told the South China Morning Post.

Most of the city’s biggest developers stayed away or declined to comment on the sale, citing sensitivity enveloping the fraying US-China relations. The city’s biggest developer Sun Hung Kai Properties did not buy the property, deputy managing director Victor Lui told the Post.


The exterior of 37 Shouson Hill Road.


“The US-China tensions is the last thing investors want to deal with,” said Vincent Cheung, managing director at Vincorn Consulting and Appraisal, who valued the property at HK$3.5 billion. “It is no longer just a land sale, as the plot was put on sale by the consulate at a sensitive time.”

The rare mansions overlooking Deep Water Bay, a luxury residential area and home to Li’s family and the official residence of Hong Kong’s financial secretary, was put on the market by the consulate on May 30, three days after the Communist Party unveiled a proposal to impose a national security law on Hong Kong to restore social order.

The sale had been planned for months, the US consulate earlier said. The decision to sell the asset was purely a business decision and would not affect its presence, staffing, or operations in Hong Kong, the spokesperson said on Wednesday.



The US Department of State‘s Bureau of Overseas Buildings Operations, which owns the property, “is not at liberty to comment on the specific terms of ongoing contractual transactions.”

The national security law, which eventually came into force on June 30, is viewed by the United States and other western governments as undermining the city’s autonomy. It has further strained US-China relations, with President Donald Trump banning TikTok and WeChat, and both sides shutting down consulates and sanctioning officials.

Chan Chiu-kwok, managing director of Savills Valuation and Professional Services, values 37 Shouson Hill Road at HK$3.2 billion. That is about half of the HK$5.93 billion paid by mainland conglomerate China Resources for a similar-sized property at 39 Shouson Hill Road in July 2018.

In the latest sale tender, not many investors will bet on such a “politically-sensitive piece of land, no matter how prime it is,” said Chan. “And let us not forget that the housing market and macroeconomic environment are very different now from when China Resources bought the neighbouring site.”

The US government bought the land in June 1948, when Hong Kong was still a British colony, for an unknown price, according to Land Registry records. A consulate general spokesperson said the final decision on the sale would be made no later than August 30. The deadline was, however, extended as the State Department was still evaluating several offers, the consulate said last week.

Each of the six blocks on 37 Shouson Hill Road sit on a site measuring about 90,000 sq ft, according to their tender documents. They can be demolished and rebuilt to offer up to 70,500 sq ft of gross floor area after an additional land premium is paid to the government.

Newsletter

Related Articles

0:00
0:00
Close
Trump Administration Launches “TrumpRx” Plan to Enable Direct Drug Sales at Deep Discounts
Trump Announces Intention to Impose 100 Percent Tariff on Foreign-Made Films
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Singapore and Hong Kong Vie to Dominate Asia’s Rising Gold Trade
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Manhattan Sees Surge in Office-to-Housing Conversions, Highest Since 2008
Switzerland and U.S. Issue Joint Assurance Against Currency Manipulation
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Thomas Jacob Sanford Named as Suspect in Deadly Michigan Church Shooting and Arson
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
New York Man Arrested After On-Air Confession to 2017 Parents’ Murders
U.S. Defense Chief Orders Sudden Summit of Hundreds of Generals and Admirals
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
Trump Claims FBI Planted 274 Agents at Capitol Riot, Citing Unverified Reports
India: Internet Suspended in Bareilly Amid Communal Clashes Between Muslims and Hindus
Supreme Court Extends Freeze on Nearly $5 Billion in U.S. Foreign Aid at Trump’s Request
Archaeologists Recover Statues and Temples from 2,000-Year-Old Sunken City off Alexandria
China Deploys 2,000 Workers to Spain to Build Major EV Battery Factory, Raising European Dependence
Speed Takes Over: How Drive-Through Coffee Chains Are Rewriting U.S. Coffee Culture
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Ringo Starr Champions Enduring Beatles Legacy While Debuting Las Vegas Art Show
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
FBI Removes Agents Who Kneeled at 2020 Protest, Citing Breach of Professional Conduct
Trump Alleges ‘Triple Sabotage’ at United Nations After Escalator and Teleprompter Failures
Shock in France: 5 Years in Prison for Former President Nicolas Sarkozy
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
BNP Paribas Abandons Ban on 'Controversial Weapons' Financing Amid Europe’s Defence Push
Typhoon Ragasa Leaves Trail of Destruction Across East Asia Before Making Landfall in China
The Personality Rights Challenge in India’s AI Era
Big Banks Rebuild in Hong Kong as Deal Volume Surges
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Arnault Denounces Proposed Wealth Tax as Threat to French Economy
Study Finds No Safe Level of Alcohol for Dementia Risk
Denmark Investigates Drone Incursion, Does Not Rule Out Russian Involvement
Lilly CEO Warns UK Is ‘Worst Country in Europe’ for Drug Prices, Pulls Back Investment
Nigel Farage Emerges as Central Force in British Politics with Reform UK Surge
Disney Reinstates ‘Jimmy Kimmel Live!’ after Six-Day Suspension over Charlie Kirk Comments
U.S. Prosecutors Move to Break Up Google’s Advertising Monopoly
Nvidia Pledges Up to $100 Billion Investment in OpenAI to Power Massive AI Data Center Build-Out
U.S. Signals ‘Large and Forceful’ Support for Argentina Amid Market Turmoil
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
Vietnam Faces Up to $25 Billion Export Loss as U.S. Tariffs Bite
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Indonesia Court Upholds Military Law Amid Concerns Over Expanded Civilian Role
Larry Ellison, Michael Dell and Rupert Murdoch Join Trump-Backed Bid to Take Over TikTok
Trump and Musk Reunite Publicly for First Time Since Fallout at Kirk Memorial
Vietnam Closes 86 Million Untouched Bank Accounts Over Biometric ID Rules
×