Hong Kong Mansion Sells for $21 Million in Distressed Disposal
- The Repulse Bay house was pledged for a HK$168 million loan
- A lawsuit had been filed against the borrowers in Hong Kong
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A mansion in Hong Kong’s Repulse Bay was sold for HK$160 million ($21 million), adding to a streak of distressed property disposals this year.
The sale of House 3 at the Beachfront in the luxury residential neighborhood was completed Tuesday, according to land registry records. The unit was used to back a HK$168 million loan taken out by Hong Kong firm Accufast Ltd. from moneylender Lei Shing Hong Credit Ltd., according to court documents. A lawsuit had been filed against the borrowers and those who provided personal guarantees, including Hong Kong businessman Hui King Chun.