Hong Kong tycoon Joseph Lau’s kin sell Mid-Levels flat for US$12.8 million

The son and former partner of fugitive Hong Kong tycoon Joseph Lau Luen-hung sold a three-bedroom luxury home in the upscale neighbourhood of Mid-Levels for HK$100 million (US$12.8 million), clearing about HK$40 million after holding the property for nearly two decades, according to official filings.The 1,948 sq ft flat on a high floor at The Albany sold to Dragon Mind International in a deal registered on Tuesday, according to Land Registry records and information from agents. The previous owner, Mainfair Investment, bought the flat in May 2008 for HK$60.6 million.The deal valued the property at about HK$51,335 per square foot.The directors of Mainfair, incorporated in 2008, are Lau Ming-wai and Lui Pui-lam, according to Companies Registry records.Lau Ming-wai is the tycoon’s eldest son, while Lui, also known as Yvonne Lui Lai-kwan, is the mother of the magnate’s two other children.Among recent luxury property deals, the transaction stands out because it earned a profit for the owner, suggesting a firmer stance on pricing as sentiment improves in a market where sellers have been forced to take losses in recent years.