Victor Li denies rumors of selling family mansion in Deep Water Bay Road

Victor Li Tzar-kuoi, chairman of CK Asset Holdings and eldest son of billionaire Li Ka-shing, has dismissed online rumors that the family plans to sell their longtime Deep Water Bay residence for HK$5 billion.

In an official statement released today, Li stated that the reports were "completely fabricated" and emphasized that there has never been any intention to sell the property at 79 Deep Water Bay Road.

He characterized the claims as baseless, illogical, and in some cases, potentially fraudulent.

The rumors, which circulated widely on mainland Chinese and Hong Kong social media last week, suggested that the Li family was offloading the luxury home along with several property projects in the Greater Bay Area.

Some posts speculated about hidden motives behind the supposed sales, sparking discussions online. However, many netizens questioned the credibility of the reports before CK Asset's official denial.

The Deepwater Bay mansion, purchased by Li Ka-shing in 1963 for HK$650,000, has been the family’s primary residence for decades. According to the latest government valuation, the property's annual rateable value is HK$9.276 million, up 2.6 percent from the previous year.

Li also warned the public about the rise in online scams, urging media and social media users to avoid spreading unverified information. 

He mentioned that many posts about his family are entirely made up—some unreasonable, some illogical, and some outright deceptive.