Hong Kong businessman expected to take loss on Peak properties he bought for US$255m

Luxury residential property on Hong Kong’s Peak Road owned by businessman Chan King-wai has been put up for sale by public tender, several years after he acquired it from companies linked to CK Group.Marketing agent JLL said on Monday that the adjoining sites at 86, 88 and 90 Peak Road are being offered for joint sale by tender. The residential lots have a combined area of about 28,620 sq ft.The site could attract bids of about HK$70,000 (US$8,939) to HK$100,000 per square foot, said Joseph Tsang, chairman of JLL in Hong Kong. The range is below the level implied by the owner’s purchase price, raising the possibility of another loss after the same family sold another Peak property at a discount last year.Land Registry records showed that the properties are held through two companies: Carino Ford, which owns Nos 86 and 88, and Premier Zone, which owns No 90.According to Companies Registry filings, Chan and his sons, Henry Chan Hang-lee and Antonio Chan Hang-tat, are directors of both entities.The elder Chan, who was born in Shantou in Guangdong province and is of Chaozhou origin, founded King Wai Group in the 1980s. The conglomerate started in textiles and later expanded into property, services and financial investments, with businesses concentrated in mainland Chinese cities including Guangdong, Shanghai and Tianjin.Chan shares the same regional background as Li Ka-shing, the billionaire founder of CK Hutchison Holdings.