Chinese Tycoon Chen Hongtian's Luxury Mansion Sold at a Huge Loss of HK$1.3 Billion

The luxury mansion at 15 Gough Hill Road, owned by Chinese tycoon and chairman of Cheung Kei Group, Chen Hongtian, was sold as a foreclosure property for HK$790 million on August 19, 2025. This marks a staggering paper loss of HK$1.31 billion compared to the HK$2.1 billion Chen paid for it in 2016—a 62% drop in value.

The mansion, spanning 18,078 square feet, features six en suites, a study, family rooms, a garden, parking spaces, a rooftop terrace, and additional courtyards. When Chen purchased the property, the per-square-foot price was a record-breaking HK$228,000, making it one of Hong Kong's most expensive homes at the time.

This sale is one of many high-profile losses for Chen. Several of his valuable assets, including commercial buildings and luxury residences, have been sold as foreclosure properties in recent years due to financial struggles.

In 2023, Chen’s Opus Hong Kong apartment was sold for HK$418 million—38% below its market valuation. Similarly, in July 2025, his Mid-Levels mansion at Clovelly Court sold for HK$64.55 million, reflecting a significant discount.

Chen’s financial troubles have brought attention to the risks faced by even the wealthiest property investors in a volatile real estate market.

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