{"id":1352,"date":"2019-01-09T15:38:00","date_gmt":"2019-01-09T15:38:00","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=1352"},"modified":"2019-01-09T15:38:00","modified_gmt":"2019-01-09T15:38:00","slug":"mugabes-hong-kong-villa-sold-at-a-loss","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/mugabes-hong-kong-villa-sold-at-a-loss","title":{"rendered":"Mugabe\u2019s Hong Kong villa sold at a loss"},"content":{"rendered":"

Hong Kong \u2014 A luxury villa previously occupied by the wife and daughter of Zimbabwe\u2019s former strongman Robert Mugabe \u2013 itself the subject of a dispute in the Hong Kong courts \u2013 has been sold for a 15% loss, according to sales agents.<\/span><\/p>\n

House 3 of JC Castle has been sold for HK$34 million ($4,3 million), a loss of 15% from its 2008 purchase price of HK$40 million, ($5,6 million) according to Century 21 Deluxe Home Property, which handled the transaction. The agency did not identify the property\u2019s buyer.<\/p>\n

The villa\u2019s seller, identified as a foreigner, \u201cis not living here\u201d, said the agency\u2019s director Thomas Lo. \u201cA loss is unusual for this area.\u201d<\/p>\n

\n

The transaction may close the chapter on a long-running dispute in the Hong Kong High Court over the villa\u2019s ownership.<\/p>\n

The villa was bought in 2008 by a company called Cross Global, and sold two years later at cost to its sole shareholder Hsieh Ping Sung, a Taiwan-born South African businessman and one-time Mugabe confidant.<\/p>\n

Mugabe\u2019s government sued Cross Global and Hsieh in 2014 to claim ownership of the 2 761-square foot villa, claiming \u201c100% beneficial\u201d ownership of it, saying that the businessman had merely been holding it on trust.<\/p>\n

The former President\u2019s wife Grace and their daughter Bona, had been staying in the villa since 2008 while the latter attended City University of Hong Kong under an alias.<\/p>\n

Mugabe, who was pushed out of his presidency in 2017, retains full diplomatic status and a lavish retirement package that included a house in Harare, vehicles and 23 staff members, according to a Government Gazette. While in power, Mugabe had applied to the Hong Kong courts to annul Cross Global\u2019s 2010 transfer of the JC Castle villa to Hsieh.<\/p>\n

\n

JC Castle, named in honour of action star Jackie Chan, was developed by real estate-and-entertainment tycoon Albert Yeung\u2019s Emperor Group in 2002, comprising 26 villas clustered around three swimming pools.<\/p>\n

CEFC, the former private energy conglomerate owned by missing Chinese oligarch Ye Jianming, offered a villa for sale in March last year, bought for HK$16 million in 2015.<\/p>\n

\n

A project called The Regent, developed by China Overseas Land & Investment, will be released for sale soon, marking the first launch this year for Hong Kong\u2019s cooling home market. The first 324 units of the apartment project will launch for HK$10 688 per square foot after discounts of about 32% from the other projects in Tai Po.<\/p>\n

The launch of The Regent would stimulate the neighbourhood\u2019s luxury residential projects, Lo said.<\/p>\n

\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hong Kong \u2014 A luxury villa previously occupied by the wife and daughter of Zimbabwe\u2019s former strongman Robert Mugabe \u2013 itself the subject of a dispute in the Hong Kong courts \u2013 has been sold for a 15% loss, according to sales agents. House 3 of JC Castle has been sold for HK$34 million ($4,3 […]<\/p>\n","protected":false},"author":84,"featured_media":1354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,9,11,12],"tags":[28,269],"class_list":{"0":"post-1352","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-miscellaneous","9":"category-photo","10":"category-policy","11":"tag-mugabe","12":"tag-villa"},"yoast_head":"\nMugabe\u2019s Hong Kong villa sold at a loss - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mugabes-hong-kong-villa-sold-at-a-loss\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mugabe\u2019s Hong Kong villa sold at a loss\" \/>\n<meta property=\"og:description\" content=\"Hong Kong \u2014 A luxury villa previously occupied by the wife and daughter of Zimbabwe\u2019s former strongman Robert Mugabe \u2013 itself the subject of a dispute in the Hong Kong courts \u2013 has been sold for a 15% loss, according to sales agents. 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