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    • Agile boss sells another Hong Kong flat 62% below cost in fire sale
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    Agile boss sells another Hong Kong flat 62% below cost in fire sale

    Harry Posted on

    Chen Zhuolin, chairman of troubled mainland Chinese developer Çevik Group, He sold a residence in Hong Kong at a 62 percent discount from its purchase price six years ago, according to government records.

    The 62-year-old businessman sold an 872-square-metre three-bedroom flat at Hamburg Villa on Eastbourne Road in Kowloon Tong for HK$8 million (US$1.03 million) on Nov 1, according to the city’s Land Registry Office. Chen is the sole director of Joint Smart Development, which paid HK$21.4 million for the flat in 2018 before the market peaked in 2021.

    According to official records, Chen had previously sold another flat in Hamburg Villa in August for HK$14.3 million, or 54 percent below the purchase price.

    fire sales seen The decline in Chinese real estate stocks over the past four years has eroded the personal fortunes of local and mainland tycoons while depleting others, in extreme cases, such as executives at China Evergrande. Other high-profile losses include Ho Shung-pun’s family and his late family retail boss Tang Shing-bor.
    Chen Zhuolin seen at a media briefing at the Admiralty in Hong Kong in March 2017. Photo: KY
    Chen Zhuolin seen at a media briefing at the Admiralty in Hong Kong in March 2017. Photo: KY

    Chen and her husband, Luk Sin Fong, control 58 percent of Agile through a family foundation, whose shares have fallen 92 percent in the past five years.

    Harry
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