Hong Kong Investor Set to Make Record Purchase in London
A Hong Kong real-estate investor is set to buy a central-London residential property for just under £210 million ($274 million), in what would be the U.K.’s most expensive house sale ever.
The wealth-management office for the family of Cheung Chung Kiu, chairman of Hong Kong-based property firm CC Land Holdings Ltd., is buying 2-8a Rutland Gate from the estate of Saudi Arabia’s late Crown Prince Nayef bin Abdulaziz, a spokesman for Mr. Cheung confirmed.
Decisive Wealth SA, a Swiss investment and advisory firm for ultra-wealthy families, ran the property on behalf of the crown prince’s estate. Elie Chamat, chief executive of Decisive, said the sale underlines the attraction of London’s property market to international investors and that the weak pound is incentivizing them to do business in the U.K. capital.