Family members shun youngest son's offer of HK$130m in favour of developer The saga of the Dragon Garden built by the late tycoon Lee Iu-cheung has taken a dramatic turn after the company that owns the historic landmark and a private developer reached another sale deal that is due to be completed on Wednesday. Board members of Hongland Investment Limited, which owns the garden, decided to sell it to Hill Source Limited for HK$130 million, instead of to Lee Shiu, the tycoon's youngest son who offered the same price. Hill Source is owned by Bontrade Limited, and both companies have registered their addresses at a secretarial services company in Wan Chai. Last month, family members who jointly own the Dragon Garden in Sham Tseng agreed to sell their stakes to Dr Lee for about $100 million. The agreement came after Hill Source Limited failed to meet the deadline last month for settling the final payment for the garden. 'My offer to buy the garden was voted down in a board meeting last Friday,' said Dr Lee, who is also a Hongland shareholder. 'I am willing to pay HK$130 [million] too.' Cynthia Lee Hong-yee, granddaughter of the late tycoon who has been campaigning to conserve the garden, said they did not understand why other family members had refused to accept her uncle's offer. The shareholders of Hongland Investment are Lee Shiu, his two brothers - Lee Chun and Lee Him - and the children of the tycoon's two deceased sons, Lee Ming and Lee Po. Ms Lee, Dr Lee and his wife made a last ditch to save the garden yesterday by making a public appeal to the developer to withdraw from the deal. 'We wanted to tell the developer that we secured government support to preserve the garden last week. The government has agreed to provide servicing to the Dragon Garden if I can acquire the full ownership,' Dr Lee said. That agreement was also confirmed in a letter to the family's solicitor from Assistant Director of the Leisure and Cultural Services Department Louis Ng Chi-wa. 'With the government support, I hope the developer will withdraw from the deal so that I can buy the garden and donate it to the government as a gift. The government will then maintain the garden in good condition and make it open to the public,' Dr Lee said. Albert Lai Kwong-tat, a director of the Conservancy Association which has been helping the family to preserve the garden, said an application to rezone the site from its current 'green belt' status to 'green belt with heritage significance' was submitted to the Town Planning Board. 'The land cannot be used for development and the garden cannot be demolished once our application is approved. Any change made to the garden will also require approval from the Town Planning Board,' he said. Under the Town Planning Ordinance, demolition of structures in a green belt does not need Town Planning Board approval.