An entity linked to Arnold Lee, CEO of logistics group Hecny Group, has purchased a luxury apartment in Hong Kong’s Mid-Levels West for HKD132 million (US$17 million).
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The Legacy, Hong Kong. Photo courtesy of Virgile Simon Bertrand |
Cherry Hill Investment bought the 258 square meter, four-bedroom flat at The Legacy, a residential project jointly developed by Henderson Land Development and New World Development, according to Land Registry records, as reported by the South China Morning Post.
The deal was completed on November 25 and officially registered on December 16.
Hecny Group is a global freight and logistics firm established in 1951 by Arnold’s father, Charles C.K. Lee. The elder Lee was among the first in Hong Kong to obtain a licence from the International Air Transport Association, as the city’s export industry expanded rapidly in the decades following World War II.
The company, which in the 1960s and 1970s contracted cargo aircraft from Pan American World Airways, now operates at more than 70 locations worldwide and employs over 3,000 staff.
The Lee family has also been involved in property investments since the 1970s. In September, it acquired a 210-square-meter ground-floor shop at LL Tower on Shelley Street in Central for about HKD41.3 million.
In 2022, the family bought four additional shops, taking advantage of declining property prices.
The latest transaction comes as Hong Kong’s luxury residential market attracts renewed interest from both end users and investors.
On December 10, an unidentified buyer purchased a four-bedroom apartment at Mont Verra in Kowloon Tong for HKD192 million.
In November, a duplex penthouse in the same development was sold to a family from Anhui province in eastern China for HKD250 million.
In a separate transaction, Matrix Properties, associated with Vincent Gao Leyi of hedge fund CoreView Capital, paid HKD579 million for a six-bedroom residence at No. 15 Shouson Hill in the Southern district.
