Exclusive | Founder of iPhone screen vendor pays HK$2.8 billion for The Peak mansion
The purchase underscores how Hong Kong’s uber wealthy continue to defy the city’s market-cooling measures
Yeung Kin-man, whose private company Biel Crystal Manufactory makes screens for two out of every three iPhones sold in the world, has paid HK$2.8 billion (US$361 million) for a luxury home on The Peak, in a purchase that underscores how Hong Kong’s uber wealthy continue to defy the city’s market-cooling measures.
A property at No. 1 & 3 Pollock’s Path, measuring 51,000 square feet, was sold Thursday to a company called High Grand Development, according to Land Registry data. High Grand is owned by Yeung and his wife Lam Wai-ying, government data shows.
“The low-profile billionaire plans to build a big house for his family to live in,” said Raymond Lee, the chief executive of Savills Greater China, who brokered the sale.
Yeung will get a HK$721 million refund on a stamp duty on his property, because he’s aiming to redevelop it, Lee said. A tax of 4.25 per cent, or HK$119 million, will still be liable, Lee said.
The purchase puts the per square foot price at HK$109, 571 on the house, which can be rebuilt into a maximum of 25,554 sq ft, according to land rules. Yeung may probably pay an additional HK$20,000 per sq ft to redevelop, Lee said.