Hong Kong is notorious for having some of the world’s most expensive rent. A tiny apartment far from the city center can easily devour half a person’s monthly salary.
Thank you for reading this post, don't forget to subscribe!But for the brave, there’s a unique path to a massive discount: rent a property associated with a murder or unnatural death. These apartments, dubbed “haunted houses,” strike such fear in the densely packed city that they create a bargain hunter’s paradise in an otherwise unaffordable market.
The Massive Financial Incentive
The discounts on these properties are substantial, attracting investors and tenants who are willing to overlook the tragic history.
- Price Drop: Properties labeled “haunted” see their values plunge by an average of 20%, and up to 34% in the case of a murder.
- Rental Savings: Investors like Ng Goon-lau, known as the “King of Haunted Houses,” lease these units out at up to 30% below market price.
- The Ripple Effect: The bad fortune isn’t contained to one unit; prices can fall by 10% on the same floor and 7% throughout the rest of the building.
This market exists because, as one expert notes, “The belief in Feng Shui is quite strong among Chinese…implying that most buyers have a large distaste for haunted houses.” People fear that the spirits of those who died tragically may remain, bringing bad fortune.
Risks and Real-World Examples
While lucrative for some, these properties carry significant financial and reputational risk:
| Case | Death Details | Estimated Financial Loss |
| Rurik Jutting Murders (2014) | Brutal murder of two Indonesian women. | Value dropped from $1.16M to $770K; rent was halved. |
| Tsuen Wan Murder (2016) | Victim killed and sealed in a slab of cement. | Unit sold at a 40% loss ($142,000). |
Furthermore, owners face a tough time selling because most banks refuse to grant mortgages on these high-risk properties. For veteran investor Ng, the key is to be selective—he generally avoids gruesome murders and prefers units where the death occurred long ago, hoping people have forgotten the history.
Ultimately, in Hong Kong’s crushing property market, the decision for many bargain-hunting tenants comes down to a simple calculation: does the discount outweigh the curse?
