Hong Kong property firm Hysan Development sells flats worth $17M to family of directors

Two units were purchased by the chairwoman’s son Nicolas Hugh Ingram, while the remaining unit was bought by Lee Chien’s wife, Kitty Chou Hok-yee, according to a company’s recent disclosure.

A unit at Bamboo Groove, Hong Kong. Photo courtesy of Hysan Development

Bamboo Grove on Kennedy Road has been a rental asset of Hysan since its completion in 1985. The development includes six buildings with 345 units, primarily targeting senior executives, according to South China Morning Post.

Flats range from about 68 to 446 square meters, with layouts from one to six bedrooms.

Hysan in August began phasing out units from two buildings and some parking spaces, marking a shift from its pure leasing model. Earlier sales included 10 units and parking spaces that yielded over HKD370 million.

This divestment is part of Hysan’s broader capital recycling strategy to deleverage, unlock value from noncore residential assets, and reallocate resources toward strategic priorities.

At the company’s interim results briefing in August, Irene Lee described the recovering residential market as "an opportune moment to sell noncore assets."

The move aligns with signs of revival in Hong Kong’s property market. Land Registry September data showed that property transactions in September increased 11.9% in value from August to HKD53.5 billion. The growth was supported by looser monetary policy and a stronger stock market.

Hysan Development is a leading property investment, management, and development company in Hong Kong with roots tracing back to the 1920s when its founder Lee Hysan acquired the first land plot.

It now manages approximately 418,000 square meters of office, retail, and residential tenant space mainly in Causeway Bay’s Lee Gardens area.