Hong Kong home bought 52 years ago fetches owner 252 times return
Veteran sports administrator Lawrence Yu is selling his house for about HK$190 million, for which he paid HK$750,000 in 1974
Veteran Hong Kong sports administrator Lawrence Yu Kam-kee is selling his Kowloon Tong home of over 50 years for about HK$190 million (US$24.2 million), after waiting patiently for market conditions to improve.
“I had wanted to sell for a long time but waited until the market improved a bit to get a better price,” Yu told the South China Morning Post. He added that he had moved out of the house about a year ago as it was too large for a single occupant.
The sale agreement had been signed and a deposit paid, with completion scheduled for September, Yu said.
Yu bought the house at No. 8 Wiltshire Road, an affluent residential area, in 1974 for HK$750,000, according to Land Registry records. The agreed price represents a gain of more than HK$189 million, roughly 252 times the purchase price.
The four-storey detached house, which includes two parking spaces, received its occupation permit in April 2005. It has a saleable area of 8,227 sq ft with a four-bedroom layout.
“I didn’t want to rent it out because it would be troublesome to manage,” Yu said.