Lo Siu Lan, a 67-year-old living on benefits, wanted the Hong Kong Housing Authority to halt a $3bn (£1.7bn) sale of shops and car parks.
Her legal action argued that the assets were undervalued and rents for public housing tenants would rise after sale.
The government said it would now press ahead with the privatisation.
"We are pleased to note that the Court of Final Appeal has unanimously ruled that the sale is within the capacity of the Housing Authority," said Michael Suen, Secretary for Housing, Planning and Lands.
'Until the end'
Under its plans, the property would be sold via a Real Estate Investment Trust (Reit) called Link.
Reits operate as stock exchange-quoted companies which directly own property, providing an easier and lower-cost way for people to invest in real estate.
The government had to delay selling shares in the Link Reit at the end of last year because of Ms Lo's legal case.
Demand had been so high for the privatisation that it had been oversubscribed 130 times and attracted big investors including Prudential Asset Management and Henderson Global Investors.
Analysts said that the delay may hurt investor appetite for the Link Reit when it comes back to the market.
Ms Lo, a small woman with grey hair and thick rimmed glasses, staged a protest outside of the Hong Kong court house and said people should "unite and continue to work hard for the interest of grassroots citizens until the end".
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