Hong Kong’s former ‘King of Employees’ Canning Fok receives HK$980 million bid for two of his mansions in Stanley

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Two houses on 64 and 66 Chung Hom Kok Road near Stanley in the island’s Southern district have received a tentative combined offer of HK$980 million (US$126.4 million), according to people familiar with the sale

The two houses are registered to two closely held companies Key Success Investments and Dingford Development, in which Fok and his wife Eliza Fok Ho Yi-wah are directors, according to the Land Registry

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64 and 66 Chung Hom Kok Road near Stanley on the southern tip of Hong Kong Island. Photo: Google

Sandy Li

Published: 7:30am, 4 Feb 2021Updated: 7:30am, 4 Feb 2021

Canning Fok Kin-ning, the right-hand man of tycoon Li Ka-shing, has put two mansions located at the southern tip of Hong Kong Island on the market, taking advantage of resilient prices for high-end real estate to lock in the returns on his investments.

Two houses on 64 and 66 Chung Hom Kok Road near Stanley in the island’s Southern district, considered rare assets by sales agents, have received a tentative combined offer of HK$980 million (US$126.4 million), according to people familiar with the sale.

The two houses are registered to two closely held companies Key Success Investments and Dingford Development, in which Fok and his wife Eliza Fok Ho Yi-wah are directors, according to the Land Registry. The couple bought the two mansions in July 1996, records show.

“Hong Kong’’s market for luxury residential property has largely been supported by mainland Chinese capital,” said Joseph Tsang, chairman of the real estate consultancy and agent JLL in Hong Kong. “Buyers of big-ticket transactions are fewer than before, as mainland Chinese buyers had been unable to visit Hong Kong until the border reopens” when the coronavirus pandemic is brought under control, he said.

Canning Fok Kin-ning, co-managing director of CK Hutchison and chairman of Power Assets, during the company's annual general meeting at Harbour Grand Hotel in Hung Hom. on 15 May 2014. Photo: SCMP

The two homes are among several properties owned by the corporate chieftain dubbed Hong Kong’s “King of Employees” for many decades for his apex position among the city’s salaried class. Trimming the assets to take advantage of a significant surge in real estate prices in the world’s most expensive urban centre is only natural, Tsang said.