Originally held by Shenzhen Xiangqi Group Chairman Chen Hongtian and self-occupied Peak Ao Xuan unit, earlier by the takeover and become the owner of the silver plate and tenders for sale, market news that the unit was recently sold at 420 million yuan, the transaction foot price of about 81,000 yuan, lower than the market valuation of nearly 40%.

The flat sold by the owner is a full-floor flat on the 5th floor of Pride and Glory, with a usable area of 5,154 sq ft, 5 bedrooms and 4 apartments, and was sold together with 2 car parking spaces. The property was valued at $680 million at the time of the tender, which is about 38 per cent lower than the market value based on the current transaction price.

According to the information, Chen Hongtian and his wife purchased the flat in August 2015 at a transaction price of $387 million. Based on the purchase price, the property has appreciated by about 8.5 per cent in eight years. However, it was reported that the banker's loan to Chen Hongtian amounted to about $500 million with interest, so the banker would still record a loss of at least about $80 million.

On the other hand, new property price cuts and promotions became the focus of the market, snatching away some of the second-hand clientele, resulting in continued sluggish second-hand transactions and lower property prices. This week's Centaline City Leading Index CCL was last reported at 162.4 points, a week-on-week drop of 0.2%, reflecting market conditions during the week of the first round of sales of Yau Tong's new property Oceanside Station II on 12 August.

Yang Mingyi, Senior Associate Director of Research at Centaline Property, pointed out that the overall property price decline trend remains unchanged, but the rate of decline is slow. Currently, the market is still in a wait-and-see mood, and the CCL has been in a struggle between 162 and 165 points in the past 7 weeks. It is estimated that property prices will continue to remain in a narrow range in the third quarter, and it is hoped that the US interest rate debate in September and the Policy Address in October will bring a clear direction for property prices in the fourth quarter. the CCL has softened from the high of 168.4 points in April this year, and has dropped by a cumulative 3.56 per cent in the past 20 weeks.