Developer to see HK$1.47 billion in net proceeds from sale of luxury house in Hong Kong

Chuang’s Consortium International says it will generate net cash proceeds of HK$1.47 billion from the sale of a luxury house being built at 15 Gough Hill on the Peak in Hong Kong to a company owned by Chen Hongtian for HK$2.1 billion.

In a filing with the stock exchange, the buyer would pay 80 per cent, or HK$1.68 billion, in cash and the remaining 20 per cent will be paid by the transfer of a property in Shenzhen worth HK$420 million.

The 9,212 square foot house is being sold through Chuang’s indirect wholly owned company, Romantic, to Chen Family Asset Management, a British Virgin Islands-registered firm owned by Chen, according to the company statement.

The buyer could save HK$170 million on stamp duty through the share transfer.