Update | Tycoon bought record HK$2.1 billion home on Hong Kong’s The Peak because his HK$380m property in Mid-Levels was ‘too tiny’

A low-profile tycoon who became the talk of Hong Kong after purchasing a house on The Peak for a record HK$2.1 billion says he has been buying and selling high-end properties in the city for more than a quarter of century since coming to live here.

Chen Hongtian, who has a fortune of 16 billion yuan (HK$18.9 billion) according to the Hurun Report and is a major stakeholder of China South City Holdings – which is listed in Hong Kong – said yesterday he bought the 9,212 sq ft house at­ 15 Gough Hill Road for his own use – and not to turn a quick profit.

“It’s not for speculation,” he said. “You can hardly make any profit from properties like this.

“I initially planned to move into the home I bought for HK$380 million last year. But I felt it was a little bit too tiny [for my family] and [I would need] to live in a bigger one later on. That’s why I bought this house.”

‘No cause for alarm,’ development chief says, after HK$2.1 billion Hong Kong house sale sets new record

The “tiny” property Chen was referring to, at the Opus Hong Kong, in eastern Mid-Levels, covers 5,154 sq ft – meaning he paid roughly HK$75,000 per square foot. He bought it in August.