Meitu founder’s wife buys Hong Kong luxury home for US$60 million

The wife of the co-founder of Chinese selfie app Meitu has bought a HK$465.8 million (US$59.7 million) home in Hong Kong’s upscale Jardine’s Lookout area, joining a cohort of wealthy mainland investors scooping up real estate in the city at attractive prices.

Wang Baoshan closed the deal for the 5,466 sq ft detached house at 8 Perkins Road on Tuesday, according to the Land Registry. Wang is the spouse of Meitu co-founder Mike Cai Wensheng, according to the company’s annual report.

The acquisition price for the property was 22 per cent below the asking price of HK$600 million, according to an agent, who mainly deals in luxury homes. The Meitu executive recently had a net worth of about US$1.1 billion, according to Forbes.

“Many mainland buyers like single homes in Jardine’s Lookout,” the agent said. “The price was attractive and the property was on the market for many years.”