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Super-Rich China Hotpot Tycoons Pile Into Singapore’s Top Homes

Haidilao restaurant co-founder Shi bought a good class bungalow in September. The company’s co-founders and their family members now own at least three of the mansions.

Good class bungalows and other residences near the Botanic Gardens in Singapore.

Good class bungalows and other residences near the Botanic Gardens in Singapore.

Photographer: Bryan van der Beek/Bloomberg

As prices for some of Singapore’s most prestigious homes soar to records, the latest purchase by a China-born restaurant tycoon underscores just how strong demand remains among the world’s super-rich buyers.

Sean Shi, one of four co-founders of China’s largest hotpot chain, Haidilao International Holding Ltd., paid S$50 million ($35 million) for a so-called good class bungalow in a prime area near the Botanic Gardens in September, local media the Straits Times reported. It’s at least the third such luxury residence bought by one of the co-founders -- at least three of whom are now Singapore citizens -- or their family members.