Luxury Hong Kong mansion on The Peak sells at 35% discount for US$107 million to company linked to Mindray founder
- The two-storey, 11,687 sq ft detached house on Lugard Road went on sale in October and was valued at HK$1.3 billion (US$166 million)
- The sale is linked to Shenzhen entrepreneur Xu Hang, founder of Mindray Bio-Medical Electronics
A mainland Chinese buyer snapped up an ultra-luxury house at The Peak in Hong Kong at a 35 per cent discount, reflecting the still lukewarm atmosphere in the city’s luxury property market.
The mansion, 25-26 A&B Lugard Road, sold for HK$838 million (US$107 million), or HK$71,703 per square foot, according to Godfrey Cheng, deputy senior director of the investment CEO office at Savills Hong Kong, the sole agent for the property.
The sale is linked to Shenzhen entrepreneur Xu Hang, co-founder and director of Shenzhen Mindray Bio-Medical Electronics, through a company set up in December by a director who shares the same name as his wife, Gu Fang, according to people familiar with the matter. Savills declined to identify the buyer.
“The luxury property market is less active, and the number of buyers has been reduced, which was reflected by the discounted price,” Cheng said. “It was mainly due to a slower-than-expected economic recovery in mainland China, as well as stricter capital-outflow controls.”
The two-storey detached house went on the market in October and was valued at HK$1.3 billion, according to Savills. The mansion occupies a site area of 31,544 sq ft, with a maximum gross floor area of 11,687 sq ft.