Super-rich still love to buy super luxury homes despite economic uncertainties in Hong Kong
Company linked to Kingston Financial chairman Nicholas Chu buys house in Stanley for HK$1.02 billion
Recent stock market turbulence and a weakening economic outlook have not detracted from the uber-wealthy’s interest in buying super luxury residential properties in Hong Kong, with a detached house at Headland Road, Stanley, selling for HK$1.02 billion.
The deal, the most expensive luxury home transaction in Hong Kong this year, came six months after Alibaba executive chairman Jack Ma Yun set the record for the city’s most expensive residential purchase when he bought a 9,890 sq ft, three-storey house at Barker Road, The Peak, for HK$1.5 billion.
The buyer of the house at 2 Headland Road is a company called Golden Sea, according to the Land Registry. Nicholas Chu Yuk-yui, chairman of Hong Kong-listed Kingston Financial, is a director.
The luxury housing market’s outlook is not bad
Chu was unavailable for comment but his wife, Pollyanna Chu Li Yuet-wah, Kingston Financial’s chief executive and also an executive director, confirmed the deal.
On behalf of her husband, she said “the purchase is for investment purposes”.
“The luxury housing market’s outlook is not bad,” she said.
Property consultants said the transaction showed that rare, single-house lots in prestigious areas were still highly sought after.