A Hong Kong bank that failed to sell a seized mansion at a steep discount last year is trying again as the luxury real estate market swings back to life.

Bank of East Asia Ltd is seeking to sell the luxury home at 15 Gough Hill Road for at least HK$1 billion ($128 million) after purchasing the property six months ago, according to agents familiar with the plans.

The bank had tried to offload the house repeatedly after seizing it from Chen Hongtian in 2023, when the business tycoon missed loan repayments during a cash crunch. Bank of East Asia shifted its role from creditor to owner last August when it purchased the property for HK$790 million, about 62 percent lower than the HK$2.1 billion Chen paid for it, according to regulatory filings.

The lender has refurbished the exterior walls of the building to attract buyers, the agents said.

A representative for Bank of East Asia said it doesn’t comment on specific transactions.

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The bank is trying to tap a rebound in Hong Kong’s housing market. Home prices in the city rose 3.25 percent last year, the first annual increase in four years. Wall Street firms including Citigroup Inc and Morgan Stanley are predicting values will jump further this year, fueling renewed interest from buyers.

Sales of luxury properties are increasing. There were 81 deals for residences valued at more than $10 million in the last quarter of 2025, the most since late 2021, according to Knight Frank. Hedge fund managers, bankers and corporate executives were among major buyers of big-ticket homes last year, helped by a buoyant stock market in the financial hub.

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Chen, chairman of Cheung Kei Group, bought the mansion at Gough Hill Road in 2016, in one of the most expensive property transactions in Hong Kong at the time. The six-bedroom property in the upscale Peak neighborhood spans more than 9,200 square feet (855 square meters) in floor space.