Chief executive of Hong Kong-listed digital asset platform pays US$7.2 million for Happy Valley flat as bitcoin soars to record high

Hugh Douglas Madden, CEO of BC Tech Group, bought a 1,953 sq ft flat at the Winfield Building in Happy Valley

The price works out to HK$28,674 per sq ft for the four-bedroom flat, which comes with a parking space

2-MIN READ2-MIN

View of the Happy Valley Racecourse from the Winfield Building by Nan Fung Group. Photo: Handout

Published: 12:00pm, 9 Feb 2021Updated: 1:22pm, 12 Jul 2021

The head of a Hong Kong-listed digital asset platform has paid HK$56 million (US$7.2 million) for a property in the upper-income neighbourhood of Happy Valley.

Cryptocurrency veterans have made millions from the explosive development of blockchain technology and sharp increase in the value of digital assets. Bitcoin, Ether and Dogecoin – a tongue-in-cheek, meme-ified version of bitcoin launched in 2013 with a Shiba Inu as its mascot – have hit record highs.

Hugh Douglas Madden, CEO of BC Tech Group, a digital asset and blockchain company, bought the 1,953 square foot (181 square metre) flat at Nan Fung Group’s Winfield Building, a short distance from the nearly 175-year-old Happy Valley Racecourse, according to agents familiar with the deal. Madden and Lim Ly Voch are the joint owners of the property, according to Land Registry documents.

The price works out to HK$28,674 per sq ft for the four-bedroom flat, which comes with a parking space. It was put on the market for HK$58 million.