The luxurious mansion of Henderson Land magnate Lee Shau-kee has become the most expensive property in Hong Kong, according to the government’s new valuation list.

Lee’s mansions at 35 Barker Road at the Peak have a rental value of HK$26.5 million (US$3.4 million), based on an estimated average monthly rent of HK$2.2 million, according to the annual valuation list published on Monday by the Rating and Valuation Department. Rental value is a common means of evaluating property in Hong Kong.

Lee, 93, bought the property in 2010 for a record price of HK$1.82 billion in a private land auction. It took around a decade to complete the construction of three mansions on the site, whose floor plans have been withheld from the public.

The three houses each had rental values of between HK$8.16 million and HK$9.24 million, while the parking spaces were valued at around HK$422,400.

The rental values of Hong Kong’s luxury mansions have taken a hit in the current challenging economic environment. Some properties on Mount Nicholson – formerly the most expensive in Asia in square footage terms – have fallen 10-15% in rental value.

The mansion at 89 Repulse Bay Road, owned by Chinese business tycoon Liang Liangsheng, was previously valued as the most expensive property in Hong Kong for six consecutive years.

Liang’s property had a rental value of HK$12.65 million, a 3% decrease from the year before.

Local tycoon Li Ka-shing’s nearby property, located at 79 Deep Water Bay Road, received a rental valuation of HK$8.56 million, down 7.8% from the previous year.

Last month, Financial Secretary Paul Chan announced in the budget that the government would offer rates concession for domestic properties for four quarters of 2021-22, with a ceiling of HK$1,500 for the first two quarters and HK$1,00 for the remaining two for each property.

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