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HK tycoon bought record $270M home because his $49M property was ‘too tiny’
A low-profile tycoon who became the talk of Hong Kong after purchasing a house on The Peak for a record HK$2.1 billion ($270 million) says he has been buying and selling high-end properties in the city for more than a quarter of century since coming to live here. Chen Hongtian, who has a fortune of 16 billion yuan (HK$18.9 billion) according to the Hurun Report and is a major stakeholder of China South City Holdings – which is listed in Hong Kong – said yesterday he bought the 9,212 sq ft house at 15 Gough Hill Road for his own use – and not to turn a quick profit. "It's not for speculation," he said. "You can ... (full story)