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Hong Kong property
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Creditors put tycoon Chen Hongtian’s US$86 million Frank Gehry-designed Hong Kong flat up for sale

  • The HK$680 million (US$86.72 million) flat in Opus Hong Kong has been put up for sale by tender by the receivers, according to Savills
  • Fifth-floor unit ‘easily one of the most precious residential properties in Asia’, Savills executive says

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Developed by Swire Properties, Opus Hong Kong is the fruit of a collaboration with Frank Gehry – it is his first and only residential project in Asia. Photo: Handout
Lam Ka-sing
Creditors continued selling tycoon Chen Hongtian’s assets in Hong Kong on Tuesday.
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A HK$680 million (US$86.72 million) flat he owned in Opus Hong Kong in eastern Mid-Levels has been put up for sale by tender by the receivers, according to a statement by Savills, which said it had been appointed the sole agent for the deal.

Chen and his wife, Chen Yao Li Ni, bought the fifth-floor flat on 53 Stubbs Road for HK$387 million in September 2015, according to official records. In February, the flat was seized by Bank of Communi­cations, which extended a mortgage in August 2019. The bank has appointed Deloitte China partners Derek Lai Kar-yan and Ivan Chan Man-hoi as the receivers.

The flat’s current market valuation stands at HK$680 million, Savills told the Post.

“Its value is extraordinary, making it easily one of the most precious residential properties in Asia,” Thomas See, senior associate director, investment CEO office of Savills, said with regard to Opus Hong Kong.

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Chen, whose Cheung Kei Group owns offices, hotels and finance firms, has had at least three assets seized by lenders in Hong Kong. The three properties – a 9,212 sq ft house at 15 Gough Hill Road on The Peak, the Opus Hong Kong flat and One HarbourGate East Tower – were mortgaged with banks for about HK$6 billion, but are valued at about HK$10 billion, according to Chen.
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