A top executive of a multinational logistics group has bought a luxury flat in Hong Kong’s Mid-Levels West for HK$132 million (US$16.9 million), adding to a growing list of wealthy buyers acquiring high-end homes as prices soften.
Cherry Hill Investment, an entity linked to Arnold Lee, acquired the 2,772 sq ft, four-bedroom apartment at The Legacy, jointly developed by Henderson Land Development and New World Development, according to Land Registry records. The transaction was completed on November 25 and registered on December 16.
Lee is the CEO of Hecny Group, a global freight and logistics company founded in 1951 by his father, Charles C.K. Lee. The elder Lee was among the first in Hong Kong to secure a licence from the International Air Transport Association, as the city’s export sector expanded rapidly in the post-war decades.
Hecny Group has grown alongside Hong Kong’s rise as a logistics and trading hub. The company, which once contracted cargo aircraft from Pan American World Airways in the 1960s and 1970s, now operates in more than 70 locations worldwide, employing over 3,000 people.
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How Hong Kong’s housing market became among the world’s most unaffordable
How Hong Kong’s housing market became among the world’s most unaffordable
The Lee family has also been active in property investments since the 1970s. In September, it bought a 2,256 sq ft shop on the ground floor of LL Tower on Shelley Street in Central for about HK$41.3 million. In 2022, the family bought four other shops, taking advantage of the falling prices.
The latest property deal comes as Hong Kong’s luxury housing market draws renewed interest from end users and investors. Government data showed that homes with a saleable area of at least 1,076 sq ft fell as much as 22.7 per cent from their peak in October 2021 to October this year.
