Hong Kong’s business elite are cashing in their luxury villas at a loss as they brace for the city’s worst economic recession

Some of Hong Kong’s wealthy property owners are cashing in their luxury houses, often slashing the price to sell at a loss, as the city faces the threat of its worst recession ever.Many of them are company owners and executives looking to free up much-needed cash to keep their businesses going as the coronavirus pandemic ravages the economy, according to property agents.“People are losing jobs or getting pay cuts because their companies are not doing well. Thus the business owners, who are the…