China tycoon's daughter bought Asia's priciest apartment: SCMP

Hong Kong

LAU Chauin, daughter of the chairman of Heungkong Group, has been revealed as the buyer of Asia's most expensive apartment, according to a report by the South China Morning Post.

The daughter of Lau Chi-keung last month bought flats 16C and 16D in the Mount Nicholson development on The Peak, paying a combined HK$1.2 billion (S$210 million), the newspaper reported on Wednesday, citing a source close to the deal.

Apartment 16D, which measures 4,544 square feet (442 square meters) and comes with three car parking spaces, became Asia's most expensive apartment on a per share foot basis when it was sold for HK$640 million. That broke the record set by CK Asset Holdings' 21 Borrett Road project earlier this year.

Closely held Heungkong Group was founded in 1990 and has 20,000 employees. It started in Shenzhen across the border from Hong Kong as a provider of home furnishings and has since branched out into trade logistics and invested in several Chinese banks and securities firms, according to its website. It also controls an aluminium producer, runs a wellness resort as well as schools.

Lau Chi-keung was a member of the 8th, 9th, 10th and 11th National Committee of the Chinese People's Political Consultative Conference, the nation's top political-advisory body, according to a biography on Heungkong's website.

A call to a general number provided on Heungkong Group's website was not answered. BLOOMBERG