The creditor market continued to sell tycoon Chen Hongtian’s property within Hong Kong on Tuesday.
A 680 million HK$ ($116 million) property that he owned within Opus Hong Kong in eastern Mid-Levels has been offered to tender from the receivers as per an announcement from Savills that said it was as the sole agent for the transaction.
Chen as well as his partner, Chen Yao Li Ni purchased the fifth-floor apartment located at 53 Stubbs Road for HK$387 million in September 2015, as per the official records. On February 1, the apartment was taken by the Bank of Communications, which extended a loan in August of this year. The bank has named Deloitte China partners Derek Lai Kar-yan and Ivan Chan Manhoi as receivers.
The current market value of the flat is HK$680 million. Savills informed the Post.
“Its value is remarkable which makes it an extremely sought-after homes and residential properties located in Asia,” Thomas See as the senior associate director in the office of the investment CEO at Savills in relation Opus Hong Kong. Opus Hong Kong.
Chen, who’s Cheung Kei Group owns offices as well as hotels and finance companies and has at least three assets taken by creditors in Hong Kong. Three properties comprised of an apartment of 9,212 sq ft located at 15, Gough Hill Road on The Peak and The Opus Hong Kong flat and One HarbourGate East Tower – were mortgaged to banks for $6 billion. However, they are estimated to be worth around $10 billion as per Chen.
Chen said to in the Post back in 2016, that his Opus Hong Kong flat was “too small” and that’s the reason Chen bought his Gough Hill Road property.
The developments on Tuesday come just one day following One HarbourGate East Tower in Hung Hom was also put on the market for sale via a tender from receivers. “I would like lawyers to investigate the matter,” Chen told the Post after being presented with the Savills statement on the tower on Sunday.
The tender for Opus Hong Kong flat Opus Hong Kong flat, which has two spaces for parking, is scheduled to close at noon on August 8, tentatively and will be a property offered as the “as as is” basis, in the current state with no vacant possession that means it might not be vacant.
The project was created through Swire Properties on a site that was long owned by the company to serve as an executive residence, Opus Hong Kong is the result of a partnership together with Frank Gehry – it is his first and sole residential development in Asia.
The 5,154 square feet flat has five bedrooms, including four that are bathrooms, a study, an open-plan living space, a dining room, and a kitchen. The layout is open with a ceiling height of more than four metres it is also the sole one that is on the entire floor in the building, the Savills statement stated.
The building’s twists offer each of its twelve flats an individual floor plan. It is just a 9 minutes driving distance from the central business district as well as SoHo located in Central.