Prince Jewellery director offloads luxury Hong Kong flat, moves to larger duplex priced $6.4M

Tang Yick-ki, a director of Prince Jewellery and Sky Regal Properties, wrapped up both transactions within slightly more than a month, according to the South China Morning Post.

Tang sold his three-bedroom, 95 square-meter apartment on the 71st floor of The Cullinan on Austin Road West in West Kowloon for HKD46 million (US$5.9 million).

Land Registry records show the deal was registered on Jan. 5. Tang had purchased the flat in 2016 for HKD32.5 million, meaning the property has risen 41% in value.

About three weeks after the sale, Sky Regal Properties – where Tang is the sole director – acquired a duplex unit at The Waterfront within the same residential area for HKD50 million, according to the Land Registry.

The transaction was completed last week. Property agents said the duplex measures 145 square meters and is located on the 45th floor.

Prince Jewellery has been operating in Hong Kong for 40 years and has a total of 16 retail stores, carrying over 60 international top brands.

Analysts say that with Hong Kong’s property sector gradually emerging from a prolonged downturn, wealthy homeowners are expected to pursue upgrades despite ongoing uncertainty.

“Some wealthy end-users could opt to upgrade their homes, but this may not be the case for those acquiring property for investment purposes,” said Martin Wong, senior director and head of research and consultancy for Greater China at Knight Frank.

Wong added that home upgrades tend to rise during periods of market uncertainty.

Separately, Land Registry filings show another duplex at The Waterfront changed hands for HKD50 million last week, purchased by an entity named Tung Tak. The duplex was bought for HKD48.8 million in 2023.