My HK industrial properties were always meant to be a free cash generator, an allocation to real estate (something I can not actively manage and trade) unencumbered by debt, with potential for eventual liquidation at tremendous profit, or simply at least breakeven on purchase cost. I bought the properties at Asian financial crisis low and I charge a 30-40% (due to fact that I did not increase rent since purchase) lower than market rent to obviate need for tenant hassle. They are meant to be an interest-earning bond, with a HK real estatecall option attached. I have never re-valued the paper value of the properties since purchase.

25% Industrial real estate (yielding 7% on cost, no debt);

the dealing all just done, 30% irrevocable downpayment due 28th November 2025, and 70% on closing April 2026, on big-enough trade, say 12X inclusive of rentals over the years.