Mandy Lieu's Luxury Flat Sells at HK$81M Loss After Alvin Chau's Downfall
SCMP · 1 SOURCESabout 3 hours ago2 MIN
Summary
The luxury apartment on Hong Kong's Mid-Levels once owned by model Mandy Lieu, former mistress of imprisoned Macau junket king Alvin Chau Cheok-wa, has been sold for HK$81.2 million in a foreclosed property sale. The three-bedroom flat in the Argenta development fetched over 10 percent less than the HK$91.3 million Lieu paid for it in 2014, representing a paper loss of more than HK$10 million. The property was repossessed by creditor Melco Resorts after the mortgage fell into arrears following Chau's 2021 arrest.
Key Points
- Mandy Lieu purchased the 2,182 square foot flat on the 38th floor of the Argenta development in Mid-Levels West for HK$91.3 million in mid-2014, paying the full amount upfront in cash
- The three-bedroom apartment with Victoria Harbour views eventually sold on Monday for HK$81.2 million (approximately HK$37,200 per square foot) to Atlas Worldwide Holdings Limited, a company registered outside Hong Kong
- After Alvin Chau Cheok-wa's downfall in late 2021, Lieu mortgaged the property and listed it for sale at HK$120 million, later reducing the price to HK$105 million
- Following mortgage arrears, creditor Melco Resorts (Macau) Limited repossessed the flat and appointed an agency to sell it as a foreclosed property starting October 2023 at HK$95 million
- Tommy YT Chow, senior district sales director at Centaline Property, noted that the steep discount reflects challenging conditions in Hong Kong's luxury property market
Why It Matters
The sale underscores the financial fallout from Macau's gaming industry crackdown, which saw Chau sentenced to 18 years in prison in January 2024 for illegal gambling operations. The transaction highlights how the collapse of high-profile gaming figures reverberates through Hong Kong's luxury real estate sector, with repossessed properties often requiring substantial price concessions to attract buyers in a market facing uncertain demand .
The sale underscores the financial fallout from Macau's gaming industry crackdown, which saw Chau sentenced to 18 years in prison in January 2024 for illegal gambling operations. The transaction highlights how the collapse of high-profile gaming figures reverberates through Hong Kong's luxury real estate sector, with repossessed properties often requiring substantial price concessions to attract buyers in a market facing uncertain demand .