London Daily

Focus on the big picture.
Thursday, Jul 31, 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
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×