The heiress and daughter of Stanley Ho, the heiress and daughter of Macau’s casino king, Pansy Ho Chiu-King has reportedly purchased the second costliest property in Asia for a record sum of HK$900 million which roughly equates to $115 million for a mansion located in one of the most prime locations in Hong Kong. The buyer is also the executive chairman & managing director at Shun Tak Holdings which is her father’s transport, property, investment and hospitality conglomerate.
The casino sector has been boosted in recent times in Macau and Ho is a major shareholder for MGM China. He is ranked at number 16 on the list of the 50 richest people in Hong Kong with $4.8 billion as his estimated fortune. Pansy Ho Chiu-King is Hong Kong’s second richest woman with $12 billion as her net-worth. She started her journey as an actress back in the 1980s. The House 3 at 28 Gough Hill Road on the Peak is the property bought by Ho which is owned by Smart Richest International, the holding company.
This gorgeous mansion covers around 5, 579 sq. ft. and comes with a garden and private pool which covers 7, 489 sq. ft. This is among a 7 property cluster developed by Richard Li Tzar-Kai, the younger son of the wealthiest man in the city, Li Ka-shing. The son sold off the whole project back in the year 2004, keeping the first home for himself as a prime investment. The supply of prime properties in these prime locations is on the lower side and this has scaled up prices hugely.
The House 3 works out to HK$161, 319 per sq. ft. The top spot in Asia was taken by 15 Gough Hill Road which is a 9, 212 sq. ft. mansion sold to Chen Hongtian based in Shenzen for HK$182, 370 per sq. ft. House 3 on the Peak was sold through share transfers between two companies that hold the same. This transaction had stamp duties of about 0.2% of the sticker price as compared to 15% in case of corporate buyers. Smart Richest saved around HK$133 million in duties, paying up HK1.8 million via share transfers.
Casino heiress buys second most expensive property in Asia
