From Creditor to Owner: Bank of East Asia Buys Peak Mansion for HK$790 Million, Owner Loses HK$1.3 BILLION

The luxury mansion at 15 Gough Hill Road on The Peak, originally owned by Chen Hongtian, chairman of the Shenzhen-based Cheung Kei Group, was foreclosed and taken over by an accounting firm appointed by the bank in March 2023. Despite multiple tender attempts, no buyers came forward. On August 19, 2025, the mansion was finally sold for HK$790 million, a staggering HK$1.31 billion less than the HK$2.1 billion Chen paid for it in 2016, marking a 62% drop in value.

According to the latest information, the new buyer is the Bank of East Asia (BEA), which had previously granted both first and second mortgages to Chen for the property. This transaction highlights a case where the creditor has become the owner.

The new owner of the property is Sunrise Legend Limited, a company wholly owned by BEA. The Bank had provided two rounds of mortgages for the property in February and April 2019, although the loan amounts remain undisclosed.

The luxury house at 15 Gough Hill Road spans seven floors, including a basement, rooftop, and multiple terraces. The property has a total gross floor area of 18,078 square feet and features six bedrooms, all with en-suite bathrooms, a study, and family rooms. It also includes outdoor spaces such as a 9,948-square-foot garden, a 2,788-square-foot parking area, a 2,081-square-foot rooftop, a 1,200-square-foot front yard, and a 1,631-square-foot courtyard.

Chen Hongtian purchased the property in June 2016 for HK$2.1 billion, which set a record high at the time with a price of HK$228,000 per square foot. However, the property’s value has since plummeted, reflecting the broader decline in Hong Kong’s luxury property market.

28hse - No.1 HK Property Portal Squarefoot - HK Premium Property Portal