Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, has sold all nine units he owned in a Hong Kong luxury residential project at less than half the original investment six years ago.
The 62-year-old tycoon sold the units in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at HK$213 million (US$27.3 million), earlier this month, according to an agent from Centaline Property. The flats were sold at discounts between 53 per cent and 63 per cent.
Chen was only able to recover about HK$90 million, an aggregate discount of 58 per cent, according to agents and Land Registry records.
One of the properties, a 872 sq ft three-bedroom unit, fetched HK$8 million on November 1, according to official records. Based on the purchase price of HK$21.4 million in 2018, the flat was sold at a 63 per cent discount.
The fire sales show the slump in China’s property market over the past four years has eroded the personal fortunes of local and mainland real estate tycoons, such as Hui Ka-yan, the founder of China Evergrande Group. Other high-profile casualties include the family of Ho Shung-pun and the family of late shop king Tang Shing-bor.