Demolition of the historic Ho Tung Gardens was completed yesterday - and the owner might be eyeing big money from redeveloping the site.
Ho Min-kwan, granddaughter of the late tycoon Robert Hotung, failed to sell the 120,000-square-foot site - including the mansion built in 1927 - at 75 Peak Road when she put it on the market for HK$4.5 billion in May, say property agents.
So Ho, 71, might have to go back to her original plan of last year to develop the site for 12 townhouses after demolishing the Chinese renaissance- style mansion.
Surveyors estimate she could get at least HK$25 billion with the new plan.
The government's dream of preserving the gardens is finally at rest. It has been negotiating with Ho since in 2011.
Demolition of the mansion began in July this year.