HSBC Asia chairman’s son buys Hong Kong homes for $37.5 million

HONG KONG – The son of an HSBC Holdings leader has spent at least HK$231 million (S$37.5 million) buying luxury properties in Hong Kong in 2025, as the city’s home prices hover at an eight-year low.

Mr Jeremy Wong Ka Chun bought four flats at Hong Kong Parkview, a prime residential development in the city, through a financial vehicle in the past three months, according to filings. He is the son of Mr Peter Wong, chairman of the UK bank’s Asia subsidiary, according to people familiar with the matter. The younger Mr Wong also works for HSBC, according to his LinkedIn profile.

He purchased two connected units for HK$121.5 million in June through local company Lion Rock (HK), land registry filings showed.

Months earlier, he used the same company, of which he is the sole director, to buy adjacent homes at another tower for HK$109 million. The properties were formerly owned by Bain Capital’s Asia private equity partner Jonathan Zhu Jia and his wife, filings showed. 

Mr Peter Wong was HSBC’s top executive in Asia until he relinquished that role in 2021 to be non-executive chairman of Hongkong & Shanghai Banking Corp, the bank’s Asian entity. He backed a petition in support of Hong Kong’s national security law in 2020, a move that prompted rebukes from UK politicians and investors.

The UK lender, which counts Hong Kong as its biggest market, is going through a major restructuring under chief executive officer Georges Elhedery, who is seeking to increase efficiency. 

Hong Kong’s housing market is mired in a prolonged downturn, prompting some deep-pocketed investors to buy high-profile assets from distressed sellers at low prices. 

In 2024, when a wealthy local family tried to offload seven luxury mansions in the Peak area, billionaire Yeung Kin Man – who made his fortune from mobile phone touchscreens – purchased four of them for HK$1.1 billion, according to the South China Morning Post. It reported that another manufacturing entrepreneur, Mr Stephan Horst Pudwill, bought the rest for HK$860 million.

Hong Kong Parkview sits on a hill in Tai Tam, an area in the city’s south-east known for its reservoirs and country park. Its developer, Parkview Group, has been strapped for cash as banks became reluctant to extend funds.

It sought a loan backed by a collection of artwork from auction house Sotheby’s earlier in 2025, but the talks did not go through, Bloomberg reported. Some of the art has been displayed in a clubhouse at Hong Kong Parkview, according to documents seen by Bloomberg.

Parkview Group received a HK$300 million loan from investment firm PAG and has been in talks with private credit lenders since late 2024 for financing of at least HK$2.8 billion, using two residential towers as collateral. BLOOMBERG