The rumors emerged last week across Chinese social media, where posts claimed the Li family was preparing to sell the residence along with other real estate holdings in the Greater Bay Area.
Some users went further and suggested there were hidden motives behind the alleged sales. The chatter prompted a public response on Monday from Victor Li, the tycoon’s eldest son and chairman of the family’s CK Hutchison, who dismissed the claims as “completely fabricated,” as reported by The Standard.
Nonetheless, the rumors and Victor’s subsequent denial have sparked curiosity about the mansion, which has been home to the billionaire family for six decades.
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Hong Kong tycoon Li Ka-shing’s house is pictured from a hill in Hong Kong, China, Nov. 23, 2019. Photo by Reuters |
Bought by the elder Li’s late wife, Chong Yuet-ming, for HK$650,000 (US$82,800) in 1963, the home is located at 79 Deep Water Bay Road in Hong Kong’s Southern District.
Deep Water Bay is widely known as one of the city’s most exclusive neighborhoods and home to many of its wealthiest residents, according to Forbes.
The three-story mansion, which has remained the Li family’s main residence ever since, stands on an elevated podium, complete with a lawn on one side and a swimming pool added during a later renovation.
Government records show the property’s annual rental value stood at HK$9.276 million in March, up 2.6% from a year ago.
Both of Li’s sons, Victor and Richard, were raised at the address. Today, Victor, along with his wife, Cynthia Wong, and their children, continues to live there with Li, now 97.
The home was initially registered to a local accountant and was later transferred to Victor in 1991 following Chong’s 1990 passing. It was later registered under Li Ka Shing’s name by assent in 1994.
It underwent major renovation from 2010 to 2013, which cost Li HK$54 million in land premium. Government records show the building had a gross floor area of 8,842 square feet (821 square meters) and more than 9,165 square feet of exempted space.
The largest portion of that exempted area, measuring over 6,000 square feet, was used for a car park and loading zone, a source familiar with the project told the South China Morning Post. The government also leased the adjacent vacant site to the family, allowing them to build a 10,000-square-foot garden.
Over the years, the property has faced two break-in attempts, one in 1993 and another in 2015, both of which were unsuccessful.
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Li Ka-shing (R), chairman of Hutchison Whampoa and his son Victor Li, deputy chairman, laugh during a press conference for the company’s 2009 annual results announcement in Hong Kong on March 30, 2010. Photo by AFP |
In his public statement, Victor confirmed that his family had never planned to sell the home and urged the public and social media to refrain from spreading unverified information.
“In reality, online platforms frequently circulate news about myself and my family, with the majority being fabricated, some defying logic, and others even bordering on deception,” he said, as quoted by Dimsum Daily.
Born in 1928 in China’s Guangdong Province, the elder Li dropped out of school at a young age and began his career selling plastic flowers.
He built his fortune through real estate investments and went on to become Hong Kong’s richest man for decades, according to Forbes. His net worth is estimated at US$39.7 billion.
In recent years, his health has declined, and he now uses a wheelchair and requires assistance to get around. Since his retirement in 2018, his son Victor has taken the helm of the family business.
