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Lee Ka-sing’s Nephew Purchased His First House for Nearly HKD100 Million in Redhill Peninsula.

2019-11-20-(Wed)
【28Hse.com】  
Hong Kong Wen Wei Po (by Li Zitian)

Although social unrest continues, large-scale units are still popular, and there are many newly transactions from famous people. Redhill Peninsula in Tai Tam, Hong Kong Island recorded Cedar Drive Double even-numbered house being sold for HKD96.256 million at the end of last month, and the buyer is “Steel King” CHAI NGAI CHIU SUNNY, the nephew of the Hong Kong’s richest man Lee Ka-sing, also he entered the market as the first buyer. A nephew of Tong Man-leung who looks down on the property market, TONG CHRISTOPHER CHUN BONG purchased a unit in Hong Kong Parkview, Tai Tam for HKD27.2 million at the beginning of this month.

According to Land Registry information,even-numbered house in Redhill Peninsula, in an area of 3,136 sq ft, sold at the end of last month for HKD 96.256 million, with the sq ft price at HKD30,694, and the registered buyer is CHAI NGAI CHIU SUNNY known as “ Steel King”, who also is a nephew of Senior Consultant of Cheung Kong Holdings and Hutchison Whampoa and the Hong Kong’s richest man Lee Ka-sing. CHAI NGAI CHIU SUNNY paid a stamp duty of about HKD4.09 million, 4.25% of the property price, which means he entered the market as a first buyer.

The Land Registry information also shows, Room 41, Middle Floor, Block 5, Hong Kong Parkview, Taitan, in 1,042 sq ft, was sold with a parking space at the beginning of this month, and the transaction price was HKD27.2 million with the sq ft price at HKD26,104. The registered buyer is TONG CHRISTOPHER CHUN BONG, who paid the stamp duty of HKD1.156 million, equivalent to 4.25% of the property price, which means he entered the market as a first buyer. Together with the other unit in Hong Kong Parkview purchased by Tong Man-leung for HKD69.5 million in May, the uncle and nephew entered the market involving a total of HKD96.7 million.

Owner in Telford Garden had reduced HKD0.5 million before the sale.

Violent conflicts have become more and more serious, so some owners reduced the prices. Wong Ka-ming from Midland points out that, Telford Garden in Kowloon Bay recorded a transaction of low-rise room 14 in 494 sq ft and layout of two-bedroom, and it had been put on sale for HKD7 million but finally was sold at HKD6.5 million after price cut of HKD0.5 million or about 7%, also the price is 10% lower than the market price, with the sq ft price at HKD13,158. The original owner purchased the upper unit for HKD3.588 million in 2012, and the book profit was 81%.
Translated by 28Hse.com . All right reserved.