Billionaire spends record-breaking $270M on Hong Kong home

(Chen Hongtian Image Credit :
(Chen Hongtian Image Credit :

A low-key tycoon in Hong Kong has made headlines after purchasing a house on The Peak – the highest point on Hong Kong Island and the city’s most exclusive neighborhood – for a record breaking HK$2.1 billion ($270 million).

The reason for the pricy purchase? The HK$380 million ($48.9 million) property he bought last year was just too small.

According to the South China Morning Post, Chen Hongtian – who has a fortune of HK$18.9 billion ($2.4 billion) and is a major stakeholder of China South City Holdings – has been buying and selling high-end properties in the city for more than a quarter of century.

Hongtian said that he bought the 9,212-square-foot house – which is still under construction – at­ 15 Gough Hill Road for his own use, and not to turn a quick profit, noting that little money could be made on a property like that.

“We’re used to living in big houses.”  Hongtian told the newspaper, “We’ve got houses of this grade in numerous cities on the mainland and we will live in this [Peak] house whenever we are in Hong Kong.”

Which, we suspect, makes this the world’s most expensive vacation home.