Media365
A company linked to the family of late Macau casino pioneer Fu Tak-iam bought a serviced-apartment property in Hong Kong’s Wan Chai district for about HK$550 million (US$71 million) amid renewed investor appetite for rental assets in the city.
Pleasure Properties was identified as the buyer of CHI 138, a 107-unit serviced-apartment property at 136 Johnston Road and 2 Stone Nullah Lane, according to the Land Registry. The sale took place on November 11 and was registered on Tuesday.
Companies Registry filings show four members of the Fu family, including Fu’s grandson Adrian Fu Hua-chak, as directors of the entity. The Fus have long been active in Hong Kong’s property market, with shareholdings in GRL21 Nominee and Raceview International also tied to Pleasure Properties.
Fu Tak-iam, also known as Fu Lo-yung, who held Macau’s gaming monopoly for more than two decades before Stanley Ho took over the concession, died in 1960. His descendants gradually exited the casino sector and redeployed capital into Hong Kong real estate. Fu’s eldest son later founded the Furama Hotel, later redeveloped into the prime office tower AIA Central.
CHI 138 offers studio to three-bedroom units ranging from 290 to 2,400 sq ft, with monthly rents listed between HK$23,000 and HK$150,000.
The deal places the average value per unit at about HK$5.14 million. Another CHI-branded property, CHI 314 on Nathan Road in Jordan, is also reportedly up for tender.
The deal comes as investors turn away from the traditional office market, where prices remain under pressure from excess supply and geopolitical concerns weighing on the return of international funds.
