Creditors Put Tycoon Chen Hongtians US86 Million Frank Gehry Designed Hong Kong Flat Sale

The receivers are offering the flat “without prior notice to the current occupiers”, according to the statement.

The receivers have put up a 5,154 sq ft fifth-floor flat in Opus Hong Kong in eastern Mid-Levels, which tycoon Chen Hongtian and his wife, Chen Yao Li Ni purchased for HK$387 million in September 2015. According to Savills, who has been appointed the sole agent for the deal, the flat’s current market valuation stands at HK$680 million ($116 million).

Developed by Swire Properties, Opus Hong Kong is the fruit of a collaboration with Frank Gehry – it is his first and only residential project in Asia. With an open-plan design, it comprises five bedrooms, four of which are ensuites, a study, a living room, a dining room, a kitchen and more than four metres in ceiling height. The flat also comes with two parking spaces.

Chen and his wife bought the flat from Bank of Communi­cations, who later sought to seize it after extending a mortgage in August 2019. Deloitte China partners Derek Lai Kar-yan and Ivan Chan Man-hoi were appointed receivers.

The open tender is to be closed at noon on August 8 tentatively and will see the property sold on an “as is” basis in its current condition with non-vacant possession – which means it may not be empty.

“Its value is extraordinary, making it easily one of the most precious residential properties in Asia,” said Thomas See, senior associate director, investment CEO office of Savills.

The Opus Hong Kong flat is just one of the assets that Chen has had seized by lenders in Hong Kong. The three properties – a 9,212 sq ft house at 15 Gough Hill Road on The Peak, the Opus Hong Kong flat and One HarbourGate East Tower – were mortgaged with banks for about HK$6 billion, but are valued at about HK$10 billion, according to Chen.

Monday saw One HarbourGate East Tower in Hung Hom also put up for sale through a tender by receivers – “I will ask lawyers to study it,” said Chen when shown a Savills statement about the tower.

The Bukit Panjang Integrated Transport Hub is a great amenity for residents of The Myst Bukit Timah, making it easy for them to explore their surroundings or plan a day out in the city.

Tuesday’s developments follow days of turmoil for the billionaire and his businesses, with creditors continuing to sell his assets in Hong Kong. With regard to the Opus Hong Kong flat, Chen told the Post in 2016 that it was “too tiny” – which is why he bought the Gough Hill Road property.

Located only nine minutes’ drive away from the closest business district and SoHo in Central, the flat offers luxurious and prestigious living – with an open tender, potential buyers will be able to bid for the property “without prior notice to the current occupiers”, according to the Savills statement.