HKEX chairman Carlson Tong sells Pok Fu Lam luxury home for US$9 million

South China Morning Post

a day ago

The chairman of
Hong Kong Exchanges and Clearing (HKEX) sold a house in Pok Fu Lam for HK$70 million (US$8.9 million), around three times what he paid for it a quarter of a century ago, amid signs of improving sentiment in the luxury
residential property market
Carlson Tong Ka-shing bought the 3,114 sq ft, four-bedroom house at Villa Cecil – 200 Victoria Road in Pok Fu Lam – in 2000 for HK$23.2 million, according to Land Registry records. The selling price translates to about HK$22,479 per square foot. Tong declined to comment.
Agents said the deal was one of two secondary transactions in the past four years in phase one of Villa Cecil. A 3,308 sq ft house in the first phase was sold for HK$100 million, or HK$30,230 per square foot, in 2021, according to Centaline. Phase one consists of 10 houses. Phase two and three are low-density buildings with a total of 65 units.
Tong's sale came as
some other wealthy investors have been taking advantage of falling prices to snap up luxury homes. Property agents said prices of exclusive residences had plunged by as much as 45 per cent from their peaks.
The
sister of former Hong Kong chief executive Tung Chee-hwa bought a HK$119 million flat in the Mid-Levels neighbourhood. The 3,349 sq ft, four-bedroom unit in Grenville House, located at 3 Magazine Gap Road, was sold on Tuesday, according to Land Registry records.
And Cantopop singer Gloria Tang Tze-kei bought two flats in Wan Chai in March at a 35 per cent discount from a peak price three years ago. Tang, who uses the stage name G.E.M., bought two 2,480 sq ft units in Leon Court at Wong Nai Chung Gap Road for a combined HK$85 million, according to Land Registry records.