Tung Chee-hwa’s sister buys US$15 million Mid-Levels flat at 8.5% discount

The sister of former Hong Kong Chief Executive Tung Chee-hwa bought a HK$119 million (US$15.2 million) flat in the Mid-Levels neighbourhood, joining a cohort of wealthy investors who have been taking advantage of depressed prices to snap up luxury homes.

A 3,349 sq ft, four-bedroom unit in Grenville House, located at 3 Magazine Gap Road in Mid-Levels, was sold on Tuesday, according to Land Registry records.

Shirley Shiao Ping Peng and William Peng Shih-Hsiao appear to be the directors of the acquiring firm, Noble Gather, according to the Companies Registry. Shirley Peng is the sister of Tung and the widow of Peng Yin-kang, chairman of Chinese Maritime Transport. William Peng, their son, is now chairman.

The sale was around 8.5 per cent cheaper than a previous Grenville House deal. A flat on a lower level, but with the same floor area, sold for HK$130 million in December, according to a transaction record from Centaline.

And it was 26 per cent cheaper than the HK$160 million paid by Tung for another unit in 2021, according to reports in local media.

Celebrities, tycoons and other wealthy investors have been snapping up discounted luxury homes, as prices of exclusive residences have plunged by as much as 45 per cent from their peaks.