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Cheryl Arcibal

A nephew of the late Hong Kong shipping tycoon Y.K. Pao has bought a HK$75 million (US$9.6 million) luxury flat in Repulse Bay, continuing a trend among the city’s wealthy buyers who have been snapping up high-end homes in recent months.
Crosspark Limited, an entity linked to Raymond Pao Lun-kwok, bought the 2,491 sq ft, four-bedroom flat in Grand Garden in the affluent Southern district on December 8, according to the Land Registry.
The previous owner paid HK$80 million in 2018, the records showed.
Raymond, Lana Pao Yao and Lily Wai Miu-ying are the directors of Crosspark, a company incorporated in 1980, according to the Companies Registry. Raymond is the director of six other entities including the Chi-li Pao Foundation, according to the Companies Registry. The foundation was set up in honour of his father.

Chi-li was the younger brother of Y.K., the shipping baron who founded the Worldwide Shipping Group, which at one point was the world’s largest shipping company. In 1980, Y.K. and some other investors took control of what is now known as The Wharf (Holdings), which allowed the group to branch out into real estate.
The Post has sought comment from Raymond via the Chi-li Pao Foundation and another entity linked to him.
Hong Kong’s high-end property sector has been attracting end-users and investors over the past few months as prices have fallen. Properties with areas of at least 1,076 sq ft fell by as much as 22.7 per cent from their peak in October 2021 to October this year, according to government data.
In November, Matrix Properties, a company associated with Vincent Gao Leyi, founder of Hong Kong-based hedge fund CoreView Capital, paid HK$579 million for a 9,414 sq ft, six-bedroom unit at the upscale No 15 Shouson Hill in the Southern district.
Last month, Charles Tong Chi-kar, a vice-chairman and executive director of Tomson Group, paid HK$112 million for a 2,335 sq ft, four-bedroom home at The Legacy in Mid-Levels West.
Hong Kong-listed Tomson Group, known for its luxurious Tomson Riviera residential project in Shanghai’s Pudong district, has its primary operations in mainland China.
Other recent transactions include the purchase of two connected units at Wheelock Properties’ Kadoorie Hill project in Kowloon by the son of former financial secretary Henry Tang Ying-yen. Sold for HK$36.4 million each, the flats changed hands on October 3.
Also in October, Hysan Development sold three units at its Bamboo Grove complex in Mid-Levels Central for a total of HK$133 million. Two of them were bought by the son of company chairwoman Irene Lee Yun-lien, while the third was acquired by the wife of non-executive director Lee Chien.
In late September, Swire Pacific chairman Guy Bradley bought a 2,832 sq ft flat at 10A-10B Stanley Beach Road for HK$50 million, according to Midland Realty. Swire Pacific controls Swire Properties and Cathay Pacific Airways.


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Hong Kong shipping baron’s nephew buys US$9.6 million flat in Repulse Bay

A company called Crosspark, connected to the nephew of the late shipping baron Y.K. Pao, has bought a flat in the Grand Garden residential project in Repulse Bay. Photo: Handout

The Grand Garden residential development is in Repulse Bay. Photo: Handout

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Aerial view of North Point. Photo: Roy Issa

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General exterior view of luxury flats at Repulse Bay. Photo: Nora Tam

Habitat Property founder and CEO Victoria Allan at her home in Stanley. Photo: Jonathan Wong

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A bird’s-eye view of the luxury residential district around Shouson Hill. Photo: Martin Chan 

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An entity linked to Raymond Pao, a nephew of the late Y.K. Pao, acquired the 2,491 sq ft, four-bedroom flat in Grand Garden on December 8


An entity linked to Raymond Pao, a nephew of the late Y.K. Pao, acquired the 2,491 sq ft, four-bedroom flat in Grand Garden on December 8.


Hong Kong shipping baron’s nephew buys US$9.6 million flat in Repulse Bay

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}An entity linked to Raymond Pao, a nephew of the late Y.K. Pao, acquired the 2,491 sq ft, four-bedroom flat in Grand Garden on December 8

An entity linked to Raymond Pao, a nephew of the late Y.K. Pao, acquired the 2,491 sq ft, four-bedroom flat in Grand Garden on December 8