Hong Kong businessman Benny Yeung has re-let a luxury apartment, previously shared with his partner former Miss Hong Kong Toby Chan Ting-yan, at a monthly rent of HK$72,000, property records show, a price below current market asking rates for similar units.
The 1,035-square-foot unit at Sun Hung Kai Properties’s (0016) The Cullinan in Kowloon, which Yeung bought for HK$44.38 million in 2017, was first tenanted in 2021 after the couple moved to a larger home.
The latest lease, signed last month, maintains the same rent despite current asking rents for comparable properties in the development ranging from HK$74,800 to HK$80,000.
The transaction, which yields an annual return of about 2 percent on the original purchase price, was noted by local media as an example of a landlord opting for stable returns over maximizing rental income in the city's high-end property market.
Yeung, founder of personal care brand Choi Fung Hong, and Chan, a television personality, have been in a relationship for eight years. They now reside in a villa in Sha Tin.
