Hong Kong property: Agile chairman Chen Zhuolin loses US$16 million in 9-flat fire sale

Name: SCMP
Telephone: +852-2680-8888

Chen Zhuolin sold nine units in Hamburg Villa, valued at HK$213 million (US$27.3 million), for about HK$90 million

Reading Time:2 minutes

Why you can trust SCMP

The chairman of Agile Group Holdings has sold all nine units he owned in Hamburg Villa this month. Photo: Jonathan Wong

Salina LiandCheryl Arcibal

Published: 8:00am, 26 Nov 2024Updated: 11:09am, 26 Nov 2024

Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, has sold all nine units he owned in a Hong Kong luxury residential project at less than half the original investment six years ago.

The 62-year-old tycoon sold the units in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at HK$213 million (US$27.3 million), earlier this month, according to an agent from Centaline Property. The flats were sold at discounts between 53 per cent and 63 per cent.

Chen was only able to recover about HK$90 million, an aggregate discount of 58 per cent, according to agents and Land Registry records.

One of the properties, a 872 sq ft three-bedroom unit, fetched HK$8 million on November 1, according to official records. Based on the purchase price of HK$21.4 million in 2018, the flat was sold at a 63 per cent discount.

Chen Zhuolin, chairman of Agile Group, pcitured in March 2017. Photo: K. Y. Cheng

The fire sales show the slump in China’s property market over the past four years has eroded the personal fortunes of local and mainland real estate tycoons, such as Hui Ka-yan, the founder of China Evergrande Group. Other high-profile casualties include the family of Ho Shung-pun and the family of late shop king Tang Shing-bor.