Pre-war Hong Kong villa bought by PAG co-founder for HK$550m

Investment firm PAG’s co-founder Chris Gradel bought a century-old villa in Hong Kong for HK$550 million (US$70 million), taking ownership of one of the few remaining pre-war premises along the Sassoon Road.  

Gradel bought the Villa Ellenbud in Pok Fu Lam, according to a Land Registry document. The 19,500 square feet (1,812 square meters) property adopts British Colonial and Chinese Renaissance style features.  

The purchase comes as Hong Kong’s residential property market is weakening, following a brief rebound in the first quarter. Rising interest rates have reduced buyer interest, with developers’ unsold inventories rising to the highest level in 16 years, according to a May 8 Bloomberg Intelligence note.  

Villa Ellenbud was built in the 1920s and was occupied by a doctor. It served as nurses’ quarters for Queen Mary Hospital between 1959 and 1960.  

PAG’s chief executive officer paid a 4.25 percent stamp duty, Ming Pao reported, suggesting he was a first-time homebuyer in the city. 

PAG ran more than US$50 billion in assets for about 300 institutional investors as of December, according to its website. 

(Bloomberg)