Hong Kong's 'King of Haunted Houses' Profits from Superstition-Driven Demand
Hong Kong's property market has a unique niche: bargain-hunting investors and tenants seeking haunted houses. Superstitions, particularly the fear of curses and belief in Feng Shui, fuel this demand. Chan Chi Kwong, dubbed the 'King of Haunted Houses,' is a prominent investor in this unusual market.
Chan, also known as Ng Goon-lau, employs a strategic approach. He avoids properties tainted by gruesome murders, focusing instead on those where the death occurred some time ago. The discounts can be substantial, with prices plunging by an average of 20%, and up to 34% in the event of a murder. However, investing in haunted houses isn't without risks. Banks often view them as high-risk investments, making it difficult for owners to sell or refinance. Tenants too can be spooked, as seen in a case where a tenant broke the lease due to perceived supernatural activity.
Properties linked to gruesome murders, like the 2014 Rurik Jutting case, face significant drops in value and are difficult to sell or rent. Chan buys and rents out haunted apartments at up to 30% below market price. The stigma can even affect nearby apartments, with prices on the same floor or in the same building also dropping. Fear of bad fortune, influenced by Buddhism and Taoism, drives this demand for discounted haunted apartments.
In Hong Kong, the fear of curses and belief in Feng Shui create a market for discounted haunted apartments. Investors like Chan Chi Kwong profit from this superstition-driven demand, buying and renting out properties at substantial discounts. However, the risks and challenges associated with these investments are significant, making this a unique and complex aspect of Hong Kong's property market.
