One of Hong Kong’s most expensive homes was among assets seized by creditors from a Chinese tycoon, the Hong Kong Economic Journal reported.
(Bloomberg) — One of Hong Kong’s most expensive homes was among assets seized by creditors from a Chinese tycoon, the Hong Kong Economic Journal reported.
The home, located at 15 Gough Hill Road in the exclusive Peak residential area, and owned by Cheung Kei Group Chairman Chen Hongtian, was seized by a bank, the newspaper reported. Chen bought the home for a record $271 million in 2016, according to the South China Morning Post.
Other properties seized include a luxury apartment in the Frank Gehry-designed Opus building in Mid-Levels, according to the HKEJ. Hang Seng Bank Ltd., through PricewaterhouseCoopers LLP, also seized Cheung Kei Center Block A and B in Hung Hom as well as the parking lot, according to the report.
PwC declined to comment and Hang Seng Bank didn’t immediately comment, according to the HKEJ.
Earlier this week, Bloomberg reported that Lloyds Banking Group Plc was attempting to sell a loan secured against a Canary Wharf office block owned by Chen’s group ahead of an imminent maturity. A meltdown in China’s real estate market last year caught out a number of developers, with a luxury house in Hong Kong owned by China Evergrande Group Chairman Hui Ka Yan being seized by a bank last year.
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