Chinese tycoon Chen Hongtian’s seized luxury Hong Kong flat sells for US$53 million, 39% below market price
- The 5,154 sq ft flat in Opus Hong Kong sold to Kwai Sze Hoi, said to be the chairman of Hong Kong-listed Ocean Line Port Development, sources say
- Chen and his wife, Chen Yao Li Ni, bought the fifth-floor flat at 53 Stubbs Road for HK$387 million (US$49 million) in September 2015
Receivers for a HK$680 million (US$86.7 million) Mid-Levels flat – seized from Chinese tycoon Chen Hongtian for unpaid loans – have sold the property at 39 per cent lower than the market price.
The 5,154 sq ft flat in Opus Hong Kong was sold to Kwai Sze Hoi for HK$418 million, official records showed. Kwai is the chairman of Hong Kong-listed Ocean Line Port Development, according to sources familiar with the transaction. The family has snapped up a number of luxury properties in Hong Kong in recent years, spending about HK$800 million.
Ocean Line is an inland terminal operator in mainland China and is engaged in the provision of port logistics services. Ocean Line was listed on GEM, the second board of HKEX in 2018, according to its filings.
The Kwai family also bought two units in 21 Borrett Road, a luxury residential project in Mid-Levels developed by Li Ka-shing’s property flagship CK Asset Holdings in 2021. The two units, transacted at about HK$380 million, were sold to Kwai’s son Kwai Kun and Kwai Tsz, also believed to be one of Kwai’s family members, according to local media.
