Raymond Lee and Repulse Bay (Credit: Facebook and The Repulse Bay)
In Hong Kong’s priciest luxury property sale this year, a paper tycoon and his wife have snagged a home for HK$1.45 billion, or $180 million.
Raymond Lee, the chairman and co-founder of Lee & Man Paper Manufacturing Ltd., and his wife, Wong Man Yi, bought a nine-apartment complex in Repulse Bay. The pair are directors of a private company that bought 8 Headland Road this month, Bloomberg reported.
The seller was American International Assurance Co. AIA bought the three-story property for HK$20.2 million in 1985. Lee and Wong couldn’t be reached for comment.
The sale comes as Hong Kong’s real estate market has been strengthening. Hong Kong property values had been seeing the longest decline since 2008, as high-end global markets slowed. Prices have climbed for 10 straight weeks, bouncing back from the decline that started last August. [Bloomberg] — Meenal Vamburkar