Mario Ho Yau-kwan, the youngest son of billionaire casino tycoon Stanley Ho, has splashed out HK$500 million (US$64.4 million) on a house at one of Hong Kong’s most prestigious addresses, it emerged on Wednesday. The large home, in an exclusive neighbourhood on the southern shore of Hong Kong Island, was sold to Ho on January 7, according to a Land Registry document released on Wednesday. One person unlikely to be ruing the timing of Ho’s purchase is the vendor, who bought the house for HK$18.8 million in 1990. “The social [unrest] happening in 2019 and the recent outbreak of Wuhan coronavirus have heavily damaged the economy of Hong Kong and China. In light of the current market conditions, the board expects that the residential property market in Hong Kong will further deteriorate in the future,” it said.

Source: The Star February 06, 2020 03:33 UTC