search

The Real Deal Logo

Trending

Brookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseSwig finds new bottom with DTLA office sale at $94 a sfSwig finds new bottom with DTLA office sale at $94 a sfDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it out
China Watch Page
New York

Hong Kong’s priciest property sale this year goes for $180M

The buyer is Raymond Lee, chairman of Lee & Man Paper Manufacturing

Raymond Lee and Repulse Bay (Credit: Facebook and The Repulse Bay)
Raymond Lee and Repulse Bay (Credit: Facebook and The Repulse Bay)

In Hong Kong’s priciest luxury property sale this year, a paper tycoon and his wife have snagged a home for HK$1.45 billion, or $180 million.

Raymond Lee, the chairman and co-founder of Lee & Man Paper Manufacturing Ltd., and his wife, Wong Man Yi, bought a nine-apartment complex in Repulse Bay. The pair are directors of a private company that bought 8 Headland Road this month, Bloomberg reported.

Sign Up for the undefined Newsletter

The seller was American International Assurance Co. AIA bought the three-story property for HK$20.2 million in 1985. Lee and Wong couldn’t be reached for comment.

The sale comes as Hong Kong’s real estate market has been strengthening. Hong Kong property values had been seeing the longest decline since 2008, as high-end global markets slowed. Prices have climbed for 10 straight weeks, bouncing back from the decline that started last August. [Bloomberg] — Meenal Vamburkar