Hong Kong’s ‘glass king’ of Biel Crystal snaps up Peak mansions in HK$1.1 billion sale

Yeung Kin-man, who founded the world’s largest producer of smartphone screen glass, has emerged as the buyer of four mansions on The Peak of Hong Kong in a HK$1.1 billion (US$141 million) distressed sale, according to the city’s Land Registry.

Grand Tai Enterprises (HK) Development, a nominee company that counts Yeung and his wife Lam Wai-ying as shareholders, bought the town houses A through D at No 46 Plantation Road on The Peak on Thursday, according to the records.

The four town houses, each measuring between 4,060 and 4,432 sq ft (411.8 square metres), were put up for sale by the family of Ho Shung-pun, a low-key clan of real estate developers in Hong Kong, at a 35-per cent discount to market prices to repay debt, sources familiar with the matter told The Post last month.

The proceeds of the sale will be used by Ho to repay a HK$1.6 billion private loan extended by Gaw Capital due in January 2025, a source said. The loan was securitised against the property at 46 Plantation Road with an interest rate in the “teens”, the source said.

The transaction price works out to about HK$65,000 per square foot, about 50 per cent less than their valuation at the height of Hong Kong’s property market in 2017, according to Savills, which brokered the deal.

Plantation Road is located on The Peak in Hong Kong, one of the most exclusive addresses in Asia. Each of the three-storey town houses comes with a swimming pool, and a view of Victoria Harbour.