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Mugabe's Hong Kong Villa Sold At A 15 Per Cent Loss

5 years agoTue, 08 Jan 2019 07:29:27 GMT
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Mugabe's Hong Kong Villa Sold At A 15 Per Cent Loss

A luxury villa previously occupied by the former First Lady Grace Mugabe and her daughter Bona has been sold at a 15% loss according to reports. Grace Mugabe and Bona had been staying in the villa since 2008 while the latter attended the City University of Hong Kong under an alias.

The luxurious apartment, house 3 of JC Castle has been sold for HK$34 million (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 involved in the deal did not identify the buyer.

The villa was bought in 2008 by a company called Cross Global and sold two years later at a 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.

 

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More: South China Morning Post

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