Hong Kong stock exchange operator's former CEO acquires luxury flat for nearly $6M

That translated to an average rate of HK$35,794 per square foot ($49,080 per square meter) for the 1,298-square-foot (120.6-square-meter) unit at The Knightsbridge development in the Kai Tak neighborhood, the South China Morning Post reported, citing Land Registry records.

The unit was acquired by Yuen and his wife, Rose Lee Wai Mun, in late June and handed over last Tuesday.

The Knightsbridge, which comprises 566 units, was built by a consortium including Henderson Land, one of Hong Kong's four largest developers.

Another unit in the same development was sold a year ago for HK$33.5 million, or HK$33,383 per square foot, to Robin Zeng Yuqun, the billionaire founder of Chinese battery giant CATL.

Yuen, a well-respected financier, became the youngest CEO of a major bourse in 1988 when he took the helm at the Stock Exchange of Hong Kong, predecessor to today's Hong Kong Exchanges and Clearing. He left in 1991 to launch his own ventures and now serves on the board of several companies, according to his profile at the Hang Seng University of Hong Kong.

The couple's flat purchase followed a wave of luxury acquisitions by notable individuals in the finance sector.

Last month, Morgan Stanley managing director David Wraight bought two high-end flats in Wong Chuk Hang for HK$147.3 million while Jeremy Wong, son of prominent HSBC banker Peter Wong, acquired adjoining units in the Southern District for HK$121.5 million.

These transactions come as Hong Kong saw residential transactions rise 16.7% from the previous month to a seven-month high of 5,955 units in June, according to official data quoted by Bloomberg.

June also marked the fourth consecutive month above the 5,000 mark, something not seen since late 2021.

"The market is consistently absorbing 1,000 to 2,000 new units each month," said Eddie Kwok, executive director of valuation and advisory services at property consultancy CBRE, as cited by Bloomberg.

"Consequently, we anticipate a decline in inventory levels, potentially as early as the second half of the year."

Demand has also improved in the super-luxury residential segment. Sales of new homes priced above HK$50 million on Hong Kong Island climbed 19% year-on-year to 83 units in the first half of this year, matching the previous peak recorded in the same period in 2018, China Daily reported.

Of these, 22 units sold for more than HK$100 million, including 10 in the primary market and 12 in the secondary.