Jailed Birmingham City Football Club owner Carson Yeung Ka-sing can keep his luxury home on The Peak after a bank agreed not to execute a possession order to take back the property, a court heard yesterday.
Wing Hang Bank informed the High Court that the bank had reached a consensus with Yeung over the repayment of a HK$50 million loan.
Deputy High Court registrar Master Caroline Chow Mun-wai approved the bank's application to stay the execution of the possession order.
Outside court, a lawyer for Yeung said the businessman had agreed to repay the bank in one go, but declined to say when that would happen.
Yeung, a former hairdresser, mortgaged his house at 31 Barker Road to Wing Hang in 2010.
The bank claimed he failed to repay the money the following year according to the agreement, and sought a possession order to take over the property.
Yeung's wife and mother opposed the action, saying they were also owners of the house. But the court rejected the pair's claim and granted the bank the possession order.
He bought the house in 2005 for HK$146 million, or HK$45,625 per square foot.
The house has an area of 3,200 sq ft, a 2,600 sq ft garden and a 1,060 sq ft rooftop.
In 2009, Yeung bought the soccer club for HK$731 million. But two years later, the club was relegated from the English Premier League and later that year Yeung was arrested for money laundering.
Yeung was convicted of laundering HK$721 million and jailed for six years in March this year. His house was released for tender by receivers in May.
Yeung's company, Birmingham International, announced it received a non-binding offer in May from a third party in relation to a possible purchase of a 24 per cent interest in the football club.