Hong Kong’s ‘king of shops’ Edwin Leong sells home on The Peak for US$41.3 million

Edwin Leong Siu-hung, chairman of Tai Hung Fai Enterprise Group and long dubbed Hong Kong’s “king of shops”, has sold a flat in the ultra-exclusive Mount Nicholson enclave on The Peak, saying weak rental returns did not make it worthwhile to hold the property any longer.Land Registry records showed Leong sold the 4,566 sq ft four-bedroom flat for HK$323 million (US$41.3 million), or about HK$70,740 per square foot. He bought the property in 2016 for about HK$312 million.While the selling price was around 3.5 per cent higher than his buying cost, he may have booked a loss after stamp duty and transaction expenses.In a phone interview, Leong said the flat had been rented out but was left vacant after the tenant moved out. “It’s better to sell as it’s difficult to find tenants now,” he said, adding that the rental yield was just 1 to 2 per cent.A file photo of Edwin Leong Siu-hung, chairman of Tai Hung Fai Enterprise, from January 2013. Photo: SCMPThe property was sold to Earthstone, whose director is Fu Songyang, a mainland entrepreneur and founder of Beijing-based luxury car dealer FFF-Automobile.The deal was signed on February 11 and completed on Wednesday, a day before higher stamp duty on homes priced above HK$100 million took effect, sparing the buyer the increased 6.5 per cent rate.