Capital Inflow: Mainland Fertiliser Giant Director Secures HK$225 Million Luxury Flat

A luxury residence in Hong Kong’s Kowloon Tong district was recently acquired for HK$225 million (US$28.9 million), reflecting a period of renewed activity within the city’s high-end residential real estate sector. According to Land Registry records, the transaction for the property located in Tower 6 of the Mont Verra development was finalized on December 12 by Elbe Rhein Investment. This purchasing entity, which previously operated as Migao Corporation, is directed by Jonas Liu, who also serves as a manager at the Migao Group, a major Chinese potash fertilizer producer. The acquired unit spans 4,332 square feet of saleable area, resulting in a valuation of HK$51,939 per square foot, and includes a private parking space.

This sale coincides with several other high-profile transactions that signal a strengthening luxury market in Hong Kong. Notably, Swire Properties recently reported a HK$2.2 billion deal involving two residences in Deep Water Bay, where the price per square foot reached a notable HK$147,010. Additionally, another unit within the Kerry Properties-developed Mont Verra project was sold last month for HK$250 million. That specific purchase was made by Wu Weidong and Pan Junfang, members of a prominent family from Anhui province whose wealth originated in the automotive parts industry before expanding significantly into the online gaming sector through 37 Interactive Entertainment. These consecutive multi-million dollar investments by high-net-worth individuals and corporate entities underscore a shifting sentiment toward the region's premium property market.