Namesake of former financial secretary Antony Leung's daughter splashes out US$11.06 million on luxury Mid-Levels flat as tycoons bet on market rebound

By Lam Ka-sing

/ SCMP |

June 2, 2021 12:05 PM SGT

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SINGAPORE (EDGEPROP) - A wealthy buyer sharing the same name as the daughter of former financial secretary Antony Leung Kam-chung’s daughter has snapped up a luxury flat in Hong Kong as house prices approach record highs once again. (See: Hong Kong starts Reit subsidy plan to make up for lost decade as rival markets flourish from Singapore to Japan)

A flat at the exclusive Regent on the Park in Mid-Levels was bought for HK$85.8 million ($14.6 million) in late April by a Leung Sze Yu - the same name as Leung's 18-year-old daughter - Land Registry records revealed on Friday. Leung declined to comment when his company was contacted by the Post.

"Given the stabilisation of the Covid-19 situation in Hong Kong, along with the rising vaccination rate, potential homebuyers are optimistic about the market outlook, leading to higher transaction volume," said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank.

The price of the flat, which measures 2,072 square feet and comes with two parking spaces, translates to HK$41,409 per sq ft.

It follows several recent purchases of luxury residential properties by super-wealthy buyers.

Primavera Capital's founder Fred Hu recently paid HK$428 million for a 4,755 square-foot mansion in Tai Tam. And earlier in the year a flat at 21 Borrett Road in Mid-Levels set a record for price per square foot in Asia when it sold for HK$459.4 million (US$59.3 million).

The elder Leung served as Financial Secretary of Hong Kong from May 29, 2001, until his resignation in July 2003.

He now serves as the group chairman and chief executive of Nan Fung Group, a private conglomerate. He is also group chairman and co-founder of investment company New Frontier Group, and chairman of charity organisations Heifer International Hong Kong and Food Angel.

A spokesman for Nan Fung declined to comment when contacted by the Post about the property purchase, while emails to New Frontier went unanswered on Friday.

Leung has extensive experience in financial services, having served as chairman, Greater China, at Blackstone, and Asia chairman at JP Morgan Chase among other appointments. In addition, he was an independent director at China Mobile (Hong Kong) and American International Assurance (Hong Kong).

His past public service includes being a non-official member of the Executive Council, a member of the Exchange Fund Advisory Committee and the Hong Kong Airport Authority, and the chairman of the Education Commission.

In 2002, Leung famously married "Queen of diving" Fu Mingxia, a retired Chinese diver who won multiple Olympic gold medals.

Regent on the Park is a prestigious neighbourhood boasting some rich and famous residents.

Actor Simon Yam Tat-wah bought a flat measuring 1,094 sq ft at Regent on the Park in late April for HK$37.4 million, or HK$34,186 per sq ft, according to Land Registry records.

The transaction came as home prices extended a four-month rally to approach their previous peak.

"In particular, prices in the luxury market saw greater appreciation as investors are eyeing the return of mainland investors after the border reopens," said Samuel Tse, senior economist of group research at DBS Bank.

Regent on the Park overlooks Hong Kong and has an extensive range of amenities, including an indoor swimming pool, gymnasium, squash and tennis court, snooker room and terrace garden, according to Centaline Property Agency.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2021 South China Morning Post Publishers Ltd. All rights reserved.

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