In a stunning turn of events, Chen Chang Wei, the tycoon behind Hengli Investments Holding, has sold his luxurious penthouse in Opus Hong Kong for HK$512 million (approximately $66 million). This sale comes nearly a decade after he made headlines with Asia's most expensive condominium purchase. It’s a bittersweet moment for Chen, who has faced financial turmoil, including a default on significant loan obligations.

Originally snapped up in 2015 for HK$509.6 million, the sale is slightly above the purchase price, at HK$2.4 million more. However, the transaction is just one piece of a larger saga involving mounting debts and a struggling property market in Hong Kong.

Chen has been trying to offload the property since mid-2024 after Hengli failed to make payments on a HK$15 billion loan tied to the acquisition of Cityplaza Three and Cityplaza Four office towers in Quarry Bay, purchased back in 2018. The sale highlights a growing trend of distressed property owners in Hong Kong, fueled by plummeting real estate values and challenging economic conditions in mainland China.

A Pricey Loss