Two Hong Kong mansions located at the Peak have been sold for a combined HK$560 million ($71.5 million), about HK$200 million less than the asking price, according to a local newspaper.

The homes are on 11 and 13 Watford Road, Sing Tao reported, citing unidentified people. Ownership of both properties is linked to the wife of Wong Kwan, the former chairman of Pearl Oriental Oil Ltd., the report said.

Each house is 4,016 square feet (373 square meters) in area and has a large garden and swimming pool. While the asking price was about HK$380 million a block, it was reduced by almost HK$100 million for each, the report said.

Hong Kong’s luxury properties haven’t been spared from the city’s real estate downturn. Rising interest rates and a lack of new expats moving to the city have slowed transactions. Earlier this month, the government relaxed some mortgage rules to help the market, although analysts see little impact from the move.

--With assistance from Shawna Kwan.