A nephew of the late Hong Kong shipping tycoon Y.K. Pao has bought a HK$75 million (US$9.6 million) luxury flat in Repulse Bay, continuing a trend among the city’s wealthy buyers who have been snapping up high-end homes in recent months.
Crosspark Limited, an entity linked to Raymond Pao Lun-kwok, bought the 2,491 sq ft, four-bedroom flat in Grand Garden in the affluent Southern district on December 8, according to the Land Registry.
The previous owner paid HK$80 million in 2018, the records showed.
Raymond, Lana Pao Yao and Lily Wai Miu-ying are the directors of Crosspark, a company incorporated in 1980, according to the Companies Registry. Raymond is the director of six other entities including the Chi-li Pao Foundation, according to the Companies Registry. The foundation was set up in honour of his father.
Chi-li was the younger brother of Y.K., the shipping baron who founded the Worldwide Shipping Group, which at one point was the world’s largest shipping company. In 1980, Y.K. and some other investors took control of what is now known as The Wharf (Holdings), which allowed the group to branch out into real estate.
The Post has sought comment from Raymond via the Chi-li Pao Foundation and another entity linked to him.
