Market Chatter: Bank of East Asia Takes Possession of Luxury Mansion in Hong Kong
MT Newswires Live
Sep 11
The Bank of East Asia (HKG:0023) took possession of a luxury mansion in Hong Kong for HK$790 million, The Standard reported Wednesday.
Shenzhen tycoon Chen Hongtian bought the property at 15 Gough Hill Road in The Peak for about HK$2.1 billion in 2016, with the bank providing first and second mortgages.
The mansion was placed in receivership in March 2023 after a loan default, representing a paper loss of roughly HK$1.3 billion.
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