Hong Kong tycoon Joseph Lau’s eldest son, Lau Ming-wai, puts two houses on The Peak on sale for almost HK$1 billion (US$127.5 million)

The younger Lau, chairman of developer Chinese Estates, has appointed Centaline to market houses A and D at 31 Barker Road
The luxury, four-house 31 Barker Road project was developed by Chinese Estates and completed back in 2003

Hong Kong property

Lam Ka-sing

Published: 6:10pm, 12 May 2023

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Tycoon Joseph Lau Luen-hung’s eldest son, Lau Ming-wai, is trying to sell two houses on The Peak for almost HK$1 billion (US$127.52 million) in total, according to sales documents seen by the Post.

The younger Lau, chairman of Hong Kong-listed developer Chinese Estates Holdings, has appointed Centaline Property Agency to market houses A and D at 31 Barker Road. The three-storey detached houses in Hong Kong’s most exclusive residential neighbourhood enjoy a full Victoria Harbour view.

The four-house 31 Barker Road project was developed by Chinese Estates and completed back in 2003. It is close to the residences of top government officials, businessmen and consuls.

The properties are being offered for sale at a time the luxury home market is starting to reap the benefits of the city’s international borders reopening after the Covid-19 pandemic.

“Hong Kong’s luxury home prices remain strong, having outperformed the overall market in recent years,” said Martin Wong, Knight Frank’s Greater China head of research and consultancy. “With the border reopening with the mainland and international markets, the transaction volume is expected to gradually increase.”

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Wong believes luxury property prices will grow this year as the United States begins to slow down the pace of interest rate increases, and because of the limited supply in Hong Kong.

The Hong Kong Monetary Authority (HKMA) last week raised its key interest rate by a quarter point to a 15-year high, in what could be the last increase of 2023.

Both houses on the market have large gardens, rooftops, swimming pools and garages.

House A, measuring 3,845 sq ft, is held by Crown Castle Limited, a company established overseas that has the younger Lau as its authorised representative and one of its directors, according to official records. Crown Castle bought it for HK$145 million in July 2005.

The indicative price for House A at HK$538.3 million translates to HK$140,000 per sq ft.

House D is a little smaller, at 3,319 sq ft. Its indicative price of HK$431.47 million translates to HK$130,000 per sq ft.

Former Ocean Park chairman Lau Ming-wai personally owns House D, having bought it for HK$360 million from his father in December 2016, according to official records. The elder Lau bought the property for HK$420 million from Lee Man Chun Raymond, chairman of Lee & Man Paper Manufacturing, and Lee Wong Wai Kuen in early 2015.

Chinese Estates, the developer, did not immediately respond to a request for comment.

House B is still owned by Success Orient Investment Limited, which has Yeung Ka-sing Carson, the former president of England’s Birmingham City Football Club, as one of the directors, according to official records. The company bought the house for HK$146 million in early 2005.

House C is owned by Billion Join Limited, which has Akihiro Nagahara of United Asia Finance as a director. The company bought House C for HK$178 million in early 2008.

Houses on Barker Road are especially prized among properties on The Peak as they are below the so-called fog line, which means they are not overly humid or windy.

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