Ovolo Central hotel reportedly sold for half the price in 2021 to outgoing DAB lawmaker's father

The Ovolo Central hotel in Central was reportedly sold for around HK$250 million recently – a whopping 51 percent slump in just four years – to the father of an outgoing legislator.

The 25-story property changed hands for HK$255 million, down from HK$523 million in 2021, local media reported.

The buyer is said to be Charles Leung Ying-wai, chairman of Hong Kong China Development. He is also the father of Hong Kong Island East legislator Edward Leung Hei, who said earlier that he will not seek re-election for the Democratic Alliance for the Betterment and Progress of Hong Kong, or DAB.

The hotel sits on a 1,748 sq ft site with a total 26,202 sq ft gross floor area.

Completed in 1995, it was converted from office to serviced apartments in 2003 and to a hotel in 2011, offering 41 rooms sized 355–710 sq ft.

STAFF REPORTER