Media365
Francis Yuen Tin-fan, former CEO of Hong Kong’s stock exchange operator, and his wife spent HK$46.5 million (US$5.92 million) on a luxury flat in Kai Tak, adding to a string of transactions that they have made in the city over the past decade.
Yuen and Rose Lee Wai-mun bought a 1,298 sq ft four-bedroom unit at The Knightsbridge late last month at HK$35,794 per square foot, according to Land Registry records. The unit was handed over on Tuesday, records showed. Robin Zeng Yuqun, the billionaire founder of electric-car battery maker Contemporary Amperex Technology or CATL, paid HK$33.5 million or HK$33,383 per square foot for his unit in the same development a year ago.
The Knightsbridge, located on 22 Shing Fung Road on the former airport runway, is a 566-unit development by a consortium including China Overseas Land and Henderson Land. There were 456 unsold units in the project at the end of 2024, according to Henderson’s latest annual report.
The Kai Tak purchase added to signs of confidence among homebuyers, with transactions hitting a seven-high last month, official data showed. It was the first time the city witnessed four consecutive months of 5,000-odd deals since the market slumped from late 2021, according to CBRE.
Yuen, a 73-year-old native of Shanghai, was the CEO of The Stock Exchange of Hong Kong from 1988 to 1991, the predecessor to Hong Kong Exchanges and Clearing. He is the deputy chairman of Singapore-listed Pacific Century Regional Developments, and also sits on the board of Shanghai Industrial Holdings and Yixin Group, among others, according to exchange filings.
