Creditors are putting businessman Chen Hongtian’s Frank Gehry-designed $86 million Hong Kong apartment up for sale

Creditors are putting businessman Chen Hongtian’s Frank Gehry-designed $86 million Hong Kong apartment up for sale

A HK$680 million (US$86.72 million) apartment he owns at Opus Hong Kong in East Middlefels has been put up for sale by tender by receivers, according to a statement from Savills, which said it had been appointed sole agent for the deal.

Chen and his wife Chen Yao Li Ni bought the fifth-floor apartment at 53 Stubbs Road for HK$387 million in September 2015, according to official records. In February, the apartment was seized by Bank of Communicationswhich extended the mortgage in August 2019. The bank appointed Deloitte China partners Derek Lai Kar Yan and Evan Chan Man Hui as receivers.

Savills told the newspaper that the current market value of the apartment is HK$680 million.

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“Its value is exceptional, making it easily one of the most expensive residential properties in Asia,” said Thomas See, senior associate director of the Office of the Chief Investment Officer at Savills, regarding Opus Hong Kong.

This has already happened to Chen, whose Cheung Kei Group owns offices, hotels and financial companies Lenders seized at least three assets in Hong Kong. The three properties — a 9,212-square-foot home at 15 Goff Hill Road in The Peak, an Opus Hong Kong apartment, and One Harbourgate East Tower — were mortgaged to banks for about HK$6 billion, but were worth about HK$10 billion, according to Chin.
Chen and his wife bought the fifth-floor apartment at 53 Stubbs Road for HK$387 million in September 2015. Photo: Xiaomi Chen
Opus’s apartment is in Hong Kong, Chen told the newspaper in 2016 She was “too small” That’s why he bought the Gough Hill Road property.

Tuesday’s developments come a day after One HarborGate East Tower in Hung Hom was put up for sale through tender by the recipients. “I will ask the lawyers to look into the matter,” Chen told the newspaper when presented with Savills’ statement on the tower on Sunday.

Open tendering for the Opus Hong Kong apartment, which comes with two parking spaces, is scheduled to close at noon on August 8 initially and will see the property sold on an “as is” basis in its current condition with non-vacant possession. Which means it may not be empty.

Chinese businessman Chen Hongtian has his Hong Kong property seized by lenders

Developed by Swire Properties on a site the company has long owned as a home for its executives, Opus Hong Kong is a collaboration with Frank Gehry – his first and only residential project in Asia.

The 5,154-square-foot apartment consists of five bedrooms, four of which are en-suite, a study, living room, dining room and kitchen. It features an open design and a ceiling height of more than four metres, and is the only unit on the entire floor, a Savills statement said.

The building flips to give each of its 12 apartments a unique floor plan, and is located just a nine-minute drive from the downtown business district and Soho.

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