Education centre boss, 22, buys US$117 million Hong Kong villa on Mount Nicholson even as city's property remains downbeat

By Lam Ka-sing kasing.lam@scmp.com / https://www.scmp.com/business/article/3016211/twenty-two-year-old-education-tycoon-splashes-out-hk916-million-luxury?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | July 2, 2019 11:51 AM SGT
The 22-year-old chief executive of a high-end education centre has splashed out HK$916 million (US$117.33 million) for a house at one of Hong Kong's most prestigious addresses.
Matthew Cheung Siu-woon bought the 8,674-square foot (806 square metres) house at Mount Nicholson on The Peak early this month, according to a Land Registry document released on Wednesday. The purchase comes at a time most analysts are expecting the luxury property market to be dampened by poor sentiment.
The young tycoon paid HK$105,603 per square foot for House 15, which comes with a 4,352 sq ft garden and a 1,178 sq ft rooftop. He is the chief executive of Causeway Education, which charges secondary students about HK$920 per hour for a course in mathematics.
The document showed the deal was completed on Tuesday, amid the escalation of the US-China trade war and a week after the city was gripped by massive protests against the controversial extradition bill.
Cheung is the executive director of his father Kenny Cheung's company Cheung & Sons, which has businesses spanning real estate, education, agriculture, building materials and mining. Causeway Education is a unit under Cheung & Sons.
According to the company's website, as the second-generation of the Cheung family, Matthew Cheung started his very first business venture, Prime Mandarin, at the age of 19 when he was a university student at the London School of Economics and Political Science.
Aerial view of House 15 at Mount Nicholson on 26 June 2019. Photo: SCMP / Martin Chan alt=Aerial view of House 15 at Mount Nicholson on 26 June 2019. Photo: SCMP / Martin Chan
The property arm of Cheung & Sons stretches across China, Hong Kong, Australia, the United Kingdom and the United States.
"Over the past 20 years, we have led over 100 development projects with a total development area reaching 10 million square metre," according to the firm's website. "The projects range from residential to commercial, retail and industrial."