Casino tycoon Fu Tak-iam’s family buys US$71 million Hong Kong rental property
The family of late casino tycoon Fu Tak-iam purchased a Hong Kong serviced-apartment property for US$71 million, signaling renewed interest in rental assets.Summary
A company linked to the family of the late Macau casino pioneer Fu Tak-iam has acquired CHI 138, a 107-unit serviced-apartment property in Wan Chai, Hong Kong, for approximately HK$550 million (US$71 million). The buyer, Pleasure Properties, has directors including Fu Tak-iam’s grandson, Adrian Fu Hua-chak, and is connected to other property holdings like GRL21 Nominee and Raceview International. Fu Tak-iam, who previously held a Macau gaming monopoly, died in 1960, and his family has since shifted investments from casinos to Hong Kong real estate, notably founding the Furama Hotel. CHI 138’s units range from studios to three-bedroom apartments, with monthly rents from HK$23,000 to HK$150,000. This purchase occurs as investors move away from the struggling office market towards rental properties.
(Source：South China Morning Post)