Mario Ho buys $500m home for birthdayBusiness | Winnie Lee 6 Feb 2020
Mario Ho Yau-Kwan has acquired a HK$500 million house on 2 Island Road on his 25th birthday.
The 3,836-square-foot house located at Southern district was sold at HK$130,344 per-sq-ft. Mario Ho, the son of casino tycoon Stanley Ho Hung-sun, only needs to pay a 4.25 percent stamp duty as he is a first-time homebuyer.
The Ho family previously bought two houses located on 2 Island Road.
The former owner bought the flat for HK$18.8 million in 1990 and earned a 26-fold gain of HK$488 million.
Elsewhere, a flat at Ultima in Ho Man Tin was sold by tender for HK$128.6 million or HK$60,376 per sq ft.
The 2,130-sq-ft featured flat with a 498-sq-ft balcony was developed by Sun Hung Kai Properties (0016). The buyer has signed a provisional agreement and paid a 5 percent deposit.
Meanwhile, TVB artiste Carlos Chan Ka-lok has also purchased a flat in Ho Man Tin for HK$50.45 million or HK$35,405 per-sq-ft.
The 1,425-sq-ft flat at Grand Homm was bought last November and Chan only needs to pay a 4.25 percent stamp duty of HK$2.14 million as he is a first-time homebuyer.