A low-profile tycoon who became the talk of Hong Kong after purchasing a house on The Peak for a record HK$2.1 billion ($270 million) says he has been buying and selling high-end properties in the city for more than a quarter of century since coming to live here.
Chen Hongtian, who has a fortune of 16 billion yuan (HK$18.9 billion) according to the Hurun Report and is a major stakeholder of China South City Holdings – which is listed in Hong Kong – said yesterday he bought the 9,212 sq ft house at 15 Gough Hill Road for his own use – and not to turn a quick profit.
"It's not for speculation," he said. "You can hardly make any profit from properties like this.
"I initially planned to move into the home I bought for HK$380 million last year. But I felt it was a little bit too tiny [for my family] and [I would need] to live in a bigger one later on. That's why I bought this house."