CLP director Betty Yuen sells Mid-Levels flat as Hong Kong luxury market improves
US$6.5 million sale in Po Garden delivers a 238 per cent gain, as mainland buyers sustain demand for high-end homes in the city
Yuen sold a 1,943 sq ft home on the 11th floor of Po Garden at 9 Brewin Path for HK$51 million (US$6.5 million) in a transaction completed on Tuesday, Land Registry records showed. That translates to HK$26,248 per square foot and marks the building’s highest transaction price and unit rate in more than three years.
The deal nevertheless remains below the market’s previous highs. A flat on the sixth floor of the same building changed hands for HK$56 million in 2018, or HK$28,821 per square foot, according to Land Registry data.
Yuen, 68, bought the flat in 1999 for HK$15.1 million, implying a paper gain of HK$35.9 million, or about 238 per cent, before transaction costs. She is also a former chairwoman of the Hong Kong General Chamber of Commerce.
The buyer was Sun International. Its directors included Harold Sun Dai-hoe and David Sun Dai-wai, members of the family of the late watch tycoon Samson Sun, company filings showed.
CLP said it generally did not comment on personal matters concerning its directors and executives.