The transaction price works out to about HK$65,000 per square foot, about 50 per cent less than their valuation at the height of Hong Kong’s property market in 2017, according to Savills, which brokered the deal.

Plantation Road is located on The Peak in Hong Kong, one of the most exclusive addresses in Asia. Each of the three-storey town houses comes with a swimming pool, and a view of Victoria Harbour.

Yeung is the founder and chairman of Biel Crystal Manufactory (HK) Limited, the world’s largest producer of smartphone glass, which covers the screen in two of every three iPhones sold in the world. He and his wife ranked eighth among Hong Kong’s 50 wealthiest people in 2017, with a combined net worth estimated at US$8.4 billion, according to Forbes’ latest list of wealthy individuals and families in the city.

Yeung and Lam like the area, close to where the German Swiss International School is located, as they spent HK$2.8 billion in 2017 on a plot of land along Pollock’s Path, adjacent to the Plantation Road mansions. They received the Buildings Department’s approval in 2020 to erect three three-story detached houses on the parcel.

Ho, who is in his 80s, is a former mathematics professor at the Hong Kong Polytechnic University. He and his relatives are the directors of Kowloon Investment, a property investment and management company established in 1955, according to the Companies Registry. The company’s real estate portfolio includes the Portofino Villa and Portofino luxury apartments in Clear Water Bay and a 12-storey commercial building in Mong Kok.

No 46 Plantation Road on The Peak in Hong Kong on 25 January 2024. Photo: Xiaomei Chen

The town houses on 46 Plantation Road, completed in 2007, were put up for sale by tender in February 2023 after Ho encountered liquidity stress, sources said. The family obtained a one-year HK$85 million loan on January 17 from X8 Finance, a wholly owned unit of Hong Kong-listed Termbray Industries International, a stock exchange filing showed.

The loan, carrying an annual interest rate of 29 per cent in the first two months of its drawdown, and 18 per cent thereafter, used another Ho family property as collateral. The loan was taken out to refinance a HK$44 million facility taken out in June 2023 that carried an interest rate of 25 per cent per annum in the first month, and 13 per cent thereafter.

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Гонконг Экономика и Бизнес

Белый Кристал краин экран гонконгский продажа пик снижение Savills млрд фут