Hong Kong politician Bunny Chan bets US$40 million on luxury market with Stanley purchase
Businessman and National People’s Congress deputy gets nine-unit property at a 44 per cent discount, says market has bottomed out
Bunny Chan Chung-bun, also the chairman of the apparel firm Prospectful Holdings and a former district councillor, acquired Villa Mortini at 8 Stanley Beach Road for HK$310 million (US$39.8 million) through his company Harry Corporation on December 9, according to Land Registry records.
“The main reason is that it offers a reasonable return, and the Hong Kong property market has already bottomed out,” Chan said in an interview. “Interest rates are not going to rise further, so it is a good choice for long-term investment. And of course, I am very optimistic about Hong Kong’s future prospects.”
The site comprises a trio of three-storey residential blocks, providing nine units with an average size of 2,095 sq ft, along with 10 parking spaces.
Gale Well acquired the property in 2019 for HK$550 million and put it on the market early last year, asking for HK$520 million. That was slashed to HK$400 million in August, and the final sale price represents 40 per cent off the asking price.
Chan said he only inspected the property at a late stage and acquired it together with existing tenancies. “I think a yield of around 3 per cent is acceptable,” he said.