Wealthy mainland Chinese are acquiring luxury homes worth over HK$100 million each on The Peak and in the Southern District. 

Hui Ka-yan, Chairman of Evergrande Real Estate, spent more than HK$400 million last year on a 6,000 sq ft house at 6-10 Black’s Link on The Peak, according to reports from East Week, The Standard’s sister publication.

The home was sold by New World Development for approximately HK$66,600 psf, the highest selling price for an individual home in the area.

“Two years ago, New World Development said it would put to (the) market four houses there but it suddenly said only three houses remained unsold,” said an anonymous real estate agent.

“The market did not hear about what happened to the house already sold. So we believe Hui bought the house directly from the boss of the developer,” he added.

Earlier this year, Huang Yi, Chairman of Zhong Sheng Holdings, purchased a duplex flat, Montebello at The Peak, for HK$138 million, or around HK$45,000 psf, which is considered the highest asking price for a flat on The Peak.

In 2009, Tencent Chairman Ma Huateng acquired a home at Shek O for HK$480 million. The property was sold by Cecil Chao Sze-Tsung, Chairman of Cheuk Nang Holdings.

Meanwhile, Gao Yanming, Chairman of shipping company Hosco Group, purchased a home at 11 Headland Road in Chung Hum Kok in 2010 for HK$660 million, or HK$50,000 psf.

From 2005 to 2011, Cai Suixin, Chairman of Loudong General Nice Resources, acquired 14 homes at Beverly Hills in Tai Po for HK$204 million and six houses at Regalia Bay worth HK$600 millio