2025年，香港房地產市場正面臨一場前所未有的危機。這座曾因地產神話而被視為「不敗金身」的城市，如今正迎來豪門集體動搖的時刻。從英皇國際的166億港元債務違約，到新世界發展宣布暫停永續債息支付，象徵著昔日輝煌的地產王國逐步崩塌。這場風暴不僅揭開高槓桿經營模式的深層風險，也預示著香港地產業勢將迎來全面重組。

英皇國際成為此次危機的焦點之一。2025年6月，該公司公佈財報時披露，其總值超過166億港元的銀行貸款已經出現違約或違反條款的情況，正式步入違約階段。德勤會計師行對其持續經營能力表示重大疑慮，更拒絕出具審計意見。消息公佈後，英皇國際股價單日暴跌逾15%，市值接近腰斬。公司僅剩現金6.4億港元，與短期負債166億相比，已陷入流動性嚴重枯竭的困境。儘管公司試圖出售資產，如灣仔的英皇集團中心及中環的商業物業等，但在目前寫字樓市場疲弱、買家壓價嚴重的情況下，資產難以順利變現。

多年來，英皇集團為求自救，曾透過二供一供股集資4.6億港元，並將旗下虧損的英皇娛樂酒店分拆出售。然而，市場普遍認為英皇已錯失重整最佳時機，即便創辦人楊受成親自出馬，也難阻公司被債權人接管或進一步清盤的命運。

另一邊，新世界發展的處境亦不容樂觀。2025年5月，公司宣布延後支付四筆總額達248億港元的永續債利息，雖然技術上不算違約，但此舉已重創市場信心，導致永續債價格暴跌，部分債券跌至面值15%的歷史新低。在總債務達1246億港元、負債率高達57.5%的壓力下，公司正試圖尋求875億港元的再融資。但在融資進展遲緩、部分銀行仍觀望的背景下，市場擔憂其將步上英皇後塵。

這場危機的根源，與新世界前董事總經理鄭志剛的激進擴張策略密不可分。自2017年起，他大舉在中港兩地收購地皮，槓桿飆升至80%（包括永續債），更斥資打造K11系列商場，然而如今內地K11出租率僅40%，深圳項目更年虧2億港元。2024年9月，鄭志剛突然辭職，其妹鄭志雯接棒接任，但外界普遍認為，銀行與市場對鄭氏家族的信任已失，未來或將被迫引入外資甚至讓出董事會控制權。

香港地產業的根基正遭受多重打擊。美國聯儲局持續升息，導致本地按揭利率升高，供樓成本大增，加上人口外流與購屋意願下降，整體房市需求疲弱。2024年，香港港口貿易額創下自1958年以來新低，進一步打擊經濟信心。

另一方面，政府推動土地供應增加、提高首付比例與徵收豪宅稅，也使過往「供不應求」的房價神話破滅。再加上外資對港元掛鉤美元制度產生疑慮，在美聯儲預期降息的背景下，紛紛加快拋售香港物業套現。曾被認為只會上漲的市場預期也徹底翻轉，從明星藝人如陳奕迅出售房產，到開發商頻頻降價促銷，恐慌情緒持續蔓延。

展望未來，英皇國際若無法完成債務重組，將有可能被強制出售核心資產，如銅鑼灣羅素街的地舖，甚至走上破產清算之路。新世界若能成功完成875億港元再融資，或許還能爭取兩至三年的喘息時間，但勢必要大幅收縮業務、降低槓桿結構，才有可能穩住局勢。

隨著這場危機擴大，象徵香港房地產業權力結構的「四大家族時代」或將走入歷史。李嘉誠、李兆基等早年已轉向保守投資，基本「躺平」，而中小型開發商如麗新與宏安等，也陸續出現資金鏈斷裂的風險。摩根士丹利預測，2025年下半年香港樓市或有小幅反彈，核心地段價格可能回升2%，但邊緣區如屯門、元朗等地區，仍有可能面臨腰斬的慘況。

總結來看，英皇與新世界的崩盤，不僅是個別企業的財務災難，更象徵著香港長年以高槓桿、高周轉為基礎的房地產模式，正式迎來終局。未來，僅有能適應「低增長、低風險」新常態的企業，才能在風暴中倖存。而曾經主宰香江天際線的家族企業，終將淡出歷史舞台。這不僅是一場資本市場的震盪，更是一場橫掃舊有秩序的結構性重組。

In 2025, Hong Kong’s Property Market Faces an Unprecedented Crisis

In 2025, Hong Kong's real estate market is undergoing a crisis of historic proportions. Once hailed as an "invincible fortress" built on the myth of ever-rising property values, the city now finds itself at the epicenter of a dramatic upheaval, with real estate empires on the verge of collapse. From Emperor International’s HK$16.6 billion debt default to New World Development’s suspension of perpetual bond interest payments, the crumbling of once-mighty property giants signals a deeper reckoning with the city’s long-dominant high-leverage growth model and foreshadows a sweeping industry restructuring.

Emperor International: At the Heart of the Storm

One of the focal points of the crisis is Emperor International. In June 2025, the company’s financial statements revealed that over HK$16.6 billion in bank loans had either defaulted or breached lending terms, marking a formal entry into default. Deloitte, its auditor, raised serious doubts about the company’s ability to continue as a going concern and declined to issue an audit opinion. Following the announcement, the company’s stock price plummeted by over 15% in a single day, slashing nearly half of its market value.

Emperor International was left with only HK$640 million in cash, facing HK$16.6 billion in short-term liabilities—a liquidity crisis of the gravest kind. Though the company attempted to raise funds by selling off assets such as the Emperor Group Centre in Wan Chai and office properties in Central, a weak office market and aggressive price cuts from buyers have made it difficult to liquidate assets at meaningful value.

Over the years, Emperor Group had made multiple self-rescue attempts, including a rights issue in which it raised HK$460 million and the spin-off of its loss-making subsidiary Emperor Entertainment Hotel. However, most analysts agree that the group has missed its optimal window for restructuring. Even the direct intervention of founder Albert Yeung is unlikely to prevent the company from being taken over by creditors or proceeding into liquidation.

New World Development: The Cheng Family’s Last Stand

The situation at New World Development is similarly grim. In May 2025, the company announced a deferral of interest payments on four tranches of perpetual bonds, totaling HK$24.8 billion. Though not technically a default, the move shattered investor confidence, sending bond prices to record lows—with some bonds trading at just 15% of face value.

With total debt reaching HK$124.6 billion and a debt ratio of 57.5%—well above the local industry average of 30%—New World is scrambling to secure HK$87.5 billion in refinancing. But progress has been slow, with some banks adopting a wait-and-see approach, raising concerns that the company could follow Emperor International into default.

The root of New World's troubles lies in the aggressive expansion strategy led by former CEO Adrian Cheng, grandson of the group’s founder, Cheng Yu-tung. Since 2017, Cheng pursued rapid land acquisitions in both mainland China and Hong Kong, pushing leverage to 80% when perpetual debt is included. He also invested heavily in the K11 mall empire. But occupancy at mainland K11 locations has now fallen to just 40%, and the Shenzhen project is reportedly losing HK$200 million annually.

In September 2024, Adrian Cheng suddenly resigned and was replaced by his sister, Sonia Cheng. Still, the market consensus is that the Cheng family has lost the trust of both lenders and investors. External capital may be needed, and control of the board could eventually be relinquished.

Structural Cracks in Hong Kong's Real Estate Foundation

The crisis is unfolding against a backdrop of multiple systemic shocks. Persistent interest rate hikes by the U.S. Federal Reserve have driven up local mortgage rates, increasing repayment costs and dampening buyer enthusiasm. Simultaneously, a population outflow and declining homeownership demand have weakened the property market. In 2024, Hong Kong's port trade volume fell to its lowest level since 1958, further eroding economic confidence.

On the policy front, the government has increased land supply, raised down payment requirements, and imposed luxury property taxes—effectively dismantling the long-held belief that home prices can only rise. Meanwhile, foreign investors are growing wary of the Hong Kong dollar’s peg to the U.S. dollar, and in anticipation of future Fed rate cuts, many are rushing to cash out their local property holdings.

What was once seen as an ever-appreciating market has now seen a dramatic shift in sentiment. Celebrity homeowners like Eason Chan have sold off their properties, and developers are offering steep discounts to entice buyers. A sense of panic is taking hold across the market.

Looking Ahead: The Fate of Hong Kong’s Real Estate Titans

For Emperor International, failure to restructure its debt may lead to a forced sale of prime assets—such as flagship properties on Russell Street in Causeway Bay—or even bankruptcy liquidation. New World Development, if successful in raising the HK$87.5 billion in refinancing, might buy itself two to three years of breathing room. However, the company would need to significantly scale back its operations and reduce its debt levels to stabilize its situation.

As the crisis spreads, the era of Hong Kong’s “Big Four” property families may be drawing to a close. Tycoons like Li Ka-shing and Lee Shau-kee have already shifted to conservative investment strategies and essentially “retired” from the frontlines. Meanwhile, smaller developers such as Lai Sun and Wang On are showing signs of financial strain as well.

Morgan Stanley forecasts a slight recovery in the Hong Kong property market in the second half of 2025, with core district prices potentially rising by 2%. However, peripheral areas like Tuen Mun and Yuen Long may still face price drops of up to 50%.

Conclusion: The End of an Era

The collapse of Emperor International and New World Development is not just a tale of corporate misfortune—it marks the death knell of Hong Kong’s long-dominant model of high-leverage, high-turnover real estate speculation. Going forward, only those companies that can adapt to a “low-growth, low-risk” environment will survive the storm. The once-glorious property dynasties that shaped Hong Kong’s skyline are now retreating from the stage of history. This is more than a financial crisis—it is a structural transformation that is sweeping away the old order.