Buyer linked to Ningbo’s richest family purchases Hong Kong trophy home for US$18.5m
A buyer linked to the family behind Ningbo Tuopu Group has acquired a luxury villa in Hong Kong’s Tai Po area for HK$145.6 million (US$18.5 million), adding to signs of fresh mainland Chinese wealth making its way into the city’s high-end residential market. Wu Xiaoming agreed to buy a home at Villa Lucca, 7 Lucca Avenue, on July 17 under an off-plan agreement for sale and purchase, Land Registry…
A buyer connected to Ningbo Tuopu Group’s affluent family has purchased a lavish villa in Hong Kong's Tai Po region for US$18.5 million, signaling further mainland Chinese wealth flowing into the city's elite residential sector. Wu Xiaoming, a director of Mecca International Holding (Hong Kong), sealed the deal on July 17 through an off-plan contract.
The four-bedroom, standalone home spans 5,281 square feet, resulting in a price tag of HK$27,571 per square foot. Wu, previously part of the Ningbo Tuopu Group, was appointed a director of Mecca International in 2018, succeeding his father Wu Jianshu, who helmed the Ningbo Tuopu Group. Ranked 299th globally on the 2026 Hurun Global Rich List, Wu Jianshu boasts a fortune of 77 billion yuan (US$11.4 billion), making him the wealthiest man in Ningbo, China's eastern Zhejiang province.
The transaction further ties Ningbo capital to Hong Kong real estate, as seen in June when a Ningbo-backed innovation platform acquired a Wan Chai office building for HK$800 million. Despite a decline in activity in the city's luxury residential market, recent deals suggest demand persists among high-end buyers. In August, another buyer purchased two four-bedroom units in a developer's luxury project for nearly HK$300 million.
Market sentiment improvement following recent consolidation may incentivize more sellers and broaden negotiation options, potentially attracting more buyers to the luxury segment.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
