China Evergrande plans to build a HK$4 billion Versailles-like mansion on wetland near Hong Kong’s border with Shenzhen

China Evergrande has converted a 2.4 million sq ft plot near the Mai Po Wetlands in Yuen Long

At 240,000 sq ft, House 1 will be as big as 180 of the flats in Taikoo Shing, Hong Kong’s most popular mass-market residential project, put together

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China Evergrande Group’s plan for a HK$4 billion mansion likened to the Palace of Versailles in Yuen Long, near Hong Kong’s border with Shenzhen. Photo: Handout

Published: 8:30am, 4 Mar 2021Updated: 11:55am, 15 Sep 2021

Mainland Chinese property developer China Evergrande Group has paid HK$4.2 billion (US$541 million) to convert a plot of farmland in Hong Kong’s New Territories for an ultra luxury project, sources said on Wednesday. It will build a 240,000 sq ft villa “like the Palace of Versailles”, among others, on the land.

The company, which is chaired by Hui Ka-yan, one of China’s richest tycoons, has converted a 2.4 million sq ft plot – about the size of New York’s Grand Central Terminal – in Yuen Long, according to people familiar with the matter. It bought the farmland, located near the Mai Po Wetlands, in 2019 from Hong Kong developer Henderson Land Development for HK$4.7 billion.

There was no rush to convert the farmland and Evergrande could have made the switch later too, said Vincent Cheung, the managing director of Vincorn Consulting and Appraisal. “Its bold decision shows that it is highly positive about the market,” he said.

Evergrande did not respond to inquires made by South China Morning Post.

Hong Kong’s luxury residential market has picked up of late, particularly when it comes to sales. More than 10 residential transactions worth more than HK$100 million each have been recorded recently, according to Centaline Property Agency, which said investors that had reaped huge gains from the stock market were diversifying into luxury property. Last month, a buyer paid HK$459.4 million for a flat at CK Asset Holdings’ 21 Borrett Road in Mid-Levels. The price, at HK$136,000 per square foot, set a per square footage record for Asia.

Evergrande plans to build 268 villas on the plot, each featuring two or three storeys, according to documents submitted to the Town Planning Board. House 1, the largest such villa in the middle of the project, will feature eight bedrooms, four private lifts, gardens, a swimming pool and water displays. At 240,000 sq ft, it will be as big as 180 of the biggest flats in Taikoo Shing, Hong Kong’s most popular mass-market residential project, put together. Compared with the average living space of less than 200 sq ft for every resident in Hong Kong, the size of this single mansion is unprecedented.

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