Former Beijing Hiconics chairman sells Mount Nicholson detached house for new low of $470 mn

Former chairman of Beijing Hiconics Liu Jincheng sold his Mount Nicholson detached house on the Peak for HK$470 million, or HK$58,385 per square foot, setting a new low for detached houses in the project. 
The property spans 8,050 sq ft, plus a garden of 4,181 sq ft and a courtyard of 1,622 sq ft.

Data shows that Liu bought the property in July 2017 for HK$645 million, at which time the transaction price per sq ft reached HK$80,124.

He sold the property at a depreciation of HK$175 million, or 27 percent, after holding the property for nine years, including the stamp duty and other fees incurred at the time. 

Including the stamp duty and other fees, his actual loss increases to HK$370 million.

It is understood that Liu had aggressively acquired luxury homes in his early years, at his peak owning more than 20 properties. 

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