Hong Kong Luxury House Bought for $55 Million by Private Equity Firm Founder

(Bloomberg) -- Fred Hu, the founder of Chinese private equity firm Primavera Capital Ltd., has bought an ultra-luxury house in Hong Kong for HK$428 million ($55 million), as wealthy mainland citizens continue to support the city’s high-end property market.

The five-bedroom house spanning three floors is located in Tai Tam, a prestigious area on the south side of Hong Kong. The property is one of five houses in the 45 Tai Tam Road development that feature extravagant fittings. Floors are covered with Persian carpets, and the kitchen cabinets are filled with cut crystal and Christofle cutlery.

Hu will also enjoy a private infinity pool overlooking the South China Sea. He bought the property in early May, land records show.

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The 4,775 square feet (444 square meter) area translates to HK$89,634 per square foot, 10% lower than another house in the project sold two years ago.

Hong Kong’s most upscale market has been seeing record-breaking transactions as it gradually recovers from the pandemic. A house on the Peak was reportedly rented out for a record HK$1.6 million a month.

In February, CK Asset Holdings Ltd. offloaded a high-end apartment for HK$459 million, the priciest for such a property in Asia, to a mainland Chinese buyer. That same month, a Wharf Holdings Ltd.-led consortium won a residential plot on the Peak for a record price by square feet in Hong Kong.

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