Chinese Tycoon’s $271 Million Mansion Seized in Hong Kong
- Chen Hongtian lost $1.4 billion of properties in recent months
- Hong Kong, London assets seized as sector is still suffering
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A Chinese tycoon’s $271 million mansion in the luxurious Peak neighborhood of Hong Kong was taken away by a bank, just years after the businessman made headlines with his record-breaking shopping spree.
Chen Hongtian, chairman of Hong Kong-based investment firm Cheung Kei Group, also had an apartment in the Frank Gehry-designed Opus building and the Cheung Kei Center in the city’s Hung Hom area seized. In total, he lost about $1.4 billion worth of properties in recent months, both in Hong Kong and London, according to data compiled by Bloomberg.