The luxury mansion previously occupied by the Mugabes in Honk Kong has been sold at a loss. The villa is a subject of a dispute in the Hon...
The luxury mansion previously occupied by the Mugabes in
Honk Kong has been sold at a loss. The villa is a subject of a dispute in the
Hong Kong court.
According to the South China Morning Post, House 3 of JC
Castle has been sold for US$4.3 million, a loss of 15 per cent from its 2008
purchase price of HK$40 million, according to Century 21 Deluxe Home Property,
which handled the transaction. The agency did not identify the property’s
buyer.
The villa’s seller, identified as a foreigner, “is not
living here,” said the agency’s director Thomas Lo. “A loss is unusual for this
area.”
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.
Mugabe’s government sued Cross Global and Hsieh in 2014 to
claim ownership of the 2,761-square foot villa, claiming “100 per cent
beneficial” ownership of it, saying that the businessman had merely been
holding it on trust. The former president’s second 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.
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