Former HKEX Chairman's Family Sells Property for 84-Fold Gain
Thestandard · 1 SOURCESabout 2 hours ago1 MIN
Summary
The family of Ronald Joseph Arculli, former chairman of Hong Kong Exchanges and Clearing (HKEX, stock code 0388), has divested a residential property in Mid-Levels for HK$15.9 million, realising a nominal profit of HK$15.72 million spanning five decades. The low-floor unit in Block A of Botanic Terrace was purchased by Arculli in September 1972 and subsequently transferred to his son Maximilian Joseph Arculli in 2022.
Key Points
- The unit in Block A of Botanic Terrace sold for HK$15.9 million, translating to HK$13,754 per square foot
- Arculli originally acquired the property in September 1972 for HK$185,000, including a parking space
- Ownership was transferred to his son Maximilian Joseph Arculli in 2022
- The transaction generated a nominal profit of HK$15.72 million over a holding period of 54 years
- The property value increased 84.9 times from the original purchase price
Why It Matters
This transaction underscores the extraordinary long-term appreciation potential of Hong Kong's prime residential real estate, particularly in established Mid-Levels addresses. For investors and market observers, the 84.9-fold return over 54 years illustrates why residential property has historically been viewed as a store of wealth in Hong Kong, even as the market faces evolving dynamics including interest rate pressures and shifting demand patterns .
This transaction underscores the extraordinary long-term appreciation potential of Hong Kong's prime residential real estate, particularly in established Mid-Levels addresses. For investors and market observers, the 84.9-fold return over 54 years illustrates why residential property has historically been viewed as a store of wealth in Hong Kong, even as the market faces evolving dynamics including interest rate pressures and shifting demand patterns .