Bank of East Asia (0023) assumed ownership of a luxury mansion at 15 Gough Hill Road in The Peak last month for HK$790 million, after having provided first and second mortgages on the property in 2019.
The new owner is registered as Sunrise Legend Limited, whose shareholder is Bank of East Asia.
The property was previously held by Chen Hongtian, chairman of Shenzhen’s Cheung Kei, who purchased it in 2016 from Chuang’s Consortium International (0367) for about HK$2.1 billion, setting a record for price per square foot for residential land in Hong Kong at the time.
It was taken over by receivers in March 2023 following a loan default connected to the property.
The sale represents a paper loss of roughly HK$1.31 billion or 62 percent, one of the largest recorded residential property losses in recent years.
The mansion spans 18,078 square feet with six en suites and a reading room, complemented by 14,860 sq ft of outdoor space – including a garden, terrace, front yard, and courtyard – and a 2,788 sq ft garage.
At the transaction price, the mansion’s gross floor area price comes to around HK$43,700 per sq ft.
STAFF REPORTER
