The Real Deal New York

Chinese fugitive re-lists Sherry-Netherland penthouse, slashes price

The co-op was previously listed for $78M
By Meenal Vamburkar | May 18, 2018 10:10AM

The penthouse at the Sherry-Netherland hotel and Chinese billionaire Guo Wengui (Credit: Twitter)

Guo Wengui, the Chinese billionaire who’s been living in self-imposed exile at the Sherry-Netherland, has relisted his penthouse for sale, this time with a big price cut.

The 18th-floor co-op at 781 Fifth Avenue returned to the market at $68 million — down from the previous $78 million price tag. Brown Harris Stevens’ Kathy Sloane has the listing for the 9,000-square-foot apartment.

The unit has seven bedrooms, eight bathrooms and a solarium connecting the south and west facing wings of the apartment, according to the listing. In 2015, it hit the market for $86 million.

Guo has been living in self-imposed exile at the Sherry-Netherland since he bought the apartment in March 2015 for $70 million. Guo has accused government and business figures of corruption via social media — and pooled a $150 million war chest that he said will cover his legal fees and other expenses as he seeks asylum in the U.S. Chinese officials have dismissed his claims, and Guo also faces rape allegations made by a former employee.

Also known as Miles Kwok, Guo made his fortune in real estate in China before fleeing the country in 2015. The same year, he bought the Sherry-Netherland co-op, which was pieced together out of smaller apartments over the years.

When it was listed in 2016, a Hong Kong hedge fund moved to block the sale, arguing that he’d likely move the proceeds out of the U.S. to avoid repaying debts. “Nothing can stop me,” he told the Wall Street Journal last year. “The U.S. is the last land of justice.”