Tycoon Chen Hongtian’s HK$680 million, Frank Gehry-designed Hong Kong apartment is being sold by creditors

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Altura floor plan

The creditor market continued to sell tycoon Chen Hongtian’s property on the streets of Hong Kong on Tuesday.

A 680 million HK$ ($116 million) apartment located within Opus Hong Kong in eastern Mid-Levels is being offered for auction from the receivers as per the statement from Savills that said it was as the sole agent on the transaction.

Altura floor plan with a maximum Gross Floor Area (GFA) of 37,348 sq m.

Chen as well as his partner, Chen Yao Li Ni purchased the fifth-floor apartment located on 53 Stubbs Road for HK$387 million in September 2015, as per the official records. On February 1, the apartment was taken by the Bank of Communications, which extended the mortgage in August of 2019. The bank has been appointed Deloitte China partners Derek Lai Kar-yan and Ivan Chan Manhoi as receivers.

The current market value of the flat is HK$680 million. Savills informed the Post.

“Its value is remarkable and makes it among the top sought-after residence properties within Asia,” Thomas See as the senior associate director in the Investment CEO office at Savills stated in reference the property Opus Hong Kong.

Chen, who’s Cheung Kei Group owns offices as well as hotels and finance companies and has at least three properties seized from lenders within Hong Kong. Three properties comprised of an apartment of 9,212 sq ft located at 15, Gough Hill Road on The Peak as well as one of the Opus Hong Kong flat and One HarbourGate East Tower – were mortgaged by banks for around 6 billion HK dollars, however they are estimated to be worth around $10 billion According to Chen.

Chen reported to in the Post back in 2016, that his Opus Hong Kong flat was “too small” and that’s the reason Chen purchased Gough Hill Road. Gough Hill Road property.

Tuesday’s news comes the day following One HarbourGate East Tower in Hung Hom was also put up for sale in a tender from receivers. “I will request lawyers to look into the matter,” Chen told the Post after being presented with an Savills statement regarding the tower on Sunday.

The tender to bid on this Opus Hong Kong flat, which has two spaces for parking, will close at noon on August 8, tentatively and will result in the property being sold as the “as as is” basis, in the current state with no vacant possession that means it might not be vacant.

It was designed through Swire Properties on a site that was long owned by the company to serve as an office for its top executives, Opus Hong Kong is the result of a partnership in collaboration with Frank Gehry – it is the first and only residence in Asia.

The 5,154 square foot apartment has five bedrooms, four of which are bathrooms, a study, an living room, dining room, and a kitchen. The layout is open with a ceiling height of over four meters, it is also the sole one that is on the entire floor in the building, the Savills statement noted.

The building is twisted to provide each of its 12 flats an individual floor plan. It is just a 9 minutes driving distance from the central business district as well as SoHo within Central.