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Luxury house on The Peak formerly owned by bankrupt HNA Group sells at a loss of US$15.4 million
- House 6 at Twelve Peaks was sold to Guo Deying, who shares the same name as the founder of Coolpad Group, for HK$387 million
- Creditors of HNA were given the go-ahead to sell its assets, including the luxury villa, in late October by a Chinese court
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A luxury house on The Peak in Hong Kong has reportedly been sold by creditors of the bankrupt Chinese conglomerate HNA Group at a loss of some HK$120 million (US$15.4 million).
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House 6 at Twelve Peaks in the exclusive neighbourhood was sold to Guo Deying, who shares the same name as the founder of Coolpad Group, for HK$387 million two weeks ago, according to HK01, a local online news portal.
The details were confirmed by several property agents approached by the Post.
The price was 23.5 per cent lower than the purchase price of HK$506 million paid by the original buyer in 2015.
It was “a bargain to the buyer,” said Eric Lee, senior regional sales director at Centaline Property Agency.
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Inside Sheng Siong supermarket billionaire Lim Hock Leng’s home in Singapore
Inside Sheng Siong supermarket billionaire Lim Hock Leng’s home in Singapore
“It is basically a very low level. The buyer won it all,” said Lee. “When the market reverses and rebounds, these properties may go back to the level when HNA bought it. These properties are worth at least HK$500 million in the market.”
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