Buyer tied to Ningbo family buys Hong Kong villa
SCMP · 1 SOURCESabout 3 hours ago2 MIN
Summary
A buyer connected to the family behind Ningbo Tuopu Group has agreed to buy a luxury home in Tai Po for HK$145.6 million, underscoring fresh signs of mainland wealth returning to Hong Kong’s high-end residential market . The buyer, Wu Xiaoming, is linked through a Hong Kong company previously headed by Ningbo billionaire Wu Jianshu, chairman of Ningbo Tuopu Group .
Key Points
- Land Registry records show Wu Xiaoming agreed on July 17 to buy Villa Lucca at 7 Lucca Avenue under an off-plan agreement .
- The property is a four-bedroom stand-alone garden house with 5,281 square feet of saleable area, pricing the deal at HK$27,571 per sq ft .
- The total consideration was HK$145.6 million, equivalent to about US$18.5 million, placing it among notable luxury-home transactions in Hong Kong .
- Wu Xiaoming is a director of Mecca International Holding Hong Kong, a company previously headed by Wu Jianshu before Wu Xiaoming replaced him in 2018 .
- Wu Jianshu, chairman of Shanghai-listed Ningbo Tuopu Group, ranked 299th on the 2026 Hurun Global Rich List with wealth of 77 billion yuan .
Why It Matters
The deal strengthens evidence that mainland Chinese buyers, including capital linked to Ningbo, are selectively re-entering Hong Kong property as valuations stay below earlier highs . It also comes as luxury residential activity has cooled overall, with Peak and Southern district sales in July falling 57 per cent month on month and transaction value dropping 48 per cent to about HK$2.35 billion .