Wife of Meitu billionaire co-founder Mike Cai Wensheng buys $60M Hong Kong house

Wang Baoshan finalized the purchase of the 500-square-meter house at 22% lower than asking price, according to an anonymous agent, as reported by South China Morning Post.

Wang is the spouse of Meitu co-founder Mike Cai Wensheng, who has a net worth of US$1.1 billion, according to Forbes.

"Many mainland buyers like single homes in Jardine’s Lookout," the agent said. "The price was attractive and the property was on the market for many years."

Jardine’s Lookout is an exclusive, low-density residential area in Hong Kong’s Wan Chai district. Notable residents include pop icon Jacky Cheung and his wife May Lo.

The Hong Kong skyline is visible from Victoria Peak in Hong Kong on Feb. 25, 2025. Photo by NurPhoto via AFP

Wealthy buyers have been eagerly purchasing high-end homes in Hong Kong at reduced prices, with some luxury properties dropping by as much as 45% from their peak values due to elevated interest rates, agents noted.

Earlier this month, a mainland buyer purchased a 560-square-meter detached unit in high-end development Pokfulam 138 for HK$300 million, according to Land Registry records.

The buyer, Qiu Jianlin, serves as chairman of Zhejiang Hengyi Group, a company focused on petrochemicals and chemical fiber raw materials, according to local media.

Wang’s acquisition of the Jardine’s Lookout property follows Cai’s recent purchase of a 4,900-square-meter commercial building in Tin Hau for HK$650 million earlier this month.

Cai intends to transform the property into a start-up incubation hub. The 25-storey building will be renamed CAI Tower and repurposed as a hub for cryptocurrency and AI start-ups, Cai stated.