Chinese developer Agile’s chairman Chen Zhuolin sells Hong Kong flat at 54% loss
- The 1,239 sq ft three-bedroom flat in Hamburg Villa in Kowloon Tong was sold for HK$14.3 million, 54 per cent less than the HK$31 million paid in 2018, agent says
The 1,239 sq ft three-bedroom flat in Hamburg Villa at 8-10 Eastbourne Road, Kowloon Tong, fetched HK$14.3 million (US$1.83 million), compared with HK$31 million in 2018 when the city’s property market was still soaring, according to Ronald Yue, a Centaline property agent, who closed the deal.
The price per square foot of HK$11,525 was about 15 per cent lower than the prevailing market rate, Yue said.
The property was acquired in 2018 by Joint Smart Development, whose director is Chen Zhuolin, the chairman of Agile, according to the Companies Registry.
Agile has acquired one-third of the 33 units in Hamburg Villa, Yue said, adding that the developer had expressed a desire to acquire the entire building. In 2018, Agile bought five flats in Hamburg Villa for HK$73 million.
Last year, Agile paid HK$966 million for the 44-unit Dragon Court at 6 Eastbourne Road, Beacon Hill, Kowloon Tong in a compulsory en-bloc sale for the redevelopment of the building next to Hamburg Villa.
