Executive linked to Ningbo’s richest family buys $18.5M Hong Kong villa

Wu Xiaoming, a director at Mecca International Holding (Hong Kong) and the son-in-law of Ningbo's richest man, has purchased an $18.5 million villa in Hong Kong. The four-bedroom property located at 7 Lucca Avenue, dubbed Villa Lucca, features 491 square meters of living space. Mecca International, a holding company, is controlled by Wu Jianshu, chairman of the Ningbo Tuopu Group, who is ranked 299th globally on the 2026 Hurun Global Rich List with a fortune of 77 billion yuan (US$11.4 billion).

Wu Jianshu, the 299th richest person in the world, is also the richest man in Ningbo, China's eastern Zhejiang province. Wu Xiaoming took on the role of director in the Hong Kong company in 2018, succeeding his father-in-law as the first-named director. This purchase further connects Ningbo's wealthy capital to Hong Kong's real estate market.

In June, a Ningbo government-backed innovation platform made a similar move by purchasing a Wan Chai office building for HKD800 million, signaling growing mainland interest in Hong Kong property despite prices remaining far below past peaks. Ningbo Tuopu Group, a prominent Chinese auto parts manufacturer headquartered in Ningbo and listed on the Shanghai Stock Exchange, recently submitted a proposal to the Hong Kong stock exchange to issue shares and list on the main board.

Hong Kong's luxury residential market experienced varying trends in the second quarter of 2026, with prices continuing their upward trajectory despite a slight slowdown in transaction volumes, according to CBRE. The luxury residential index for Class E homes saw prices rise by approximately 2% during the quarter, while year-to-date growth stood at 3.9%.

This marks the 12th consecutive month of price increases, pushing values 10% above their March 2025 low. However, luxury transaction activity declined by 30% to HKD8.76 billion during the quarter, with the number of deals dropping from 70 to 48. Notably, June witnessed several significant purchases, demonstrating the resilience of the trophy-home segment.

A recent acquisition at CK Asset's luxury project 21 Borrett Road exemplifies the ongoing demand for high-end properties, with a single buyer purchasing two four-bedroom units for nearly HKD300 million. The developer has reported an uptick in inquiries from potential buyers interested in multiple units, attracted by the project's privacy and layout.

Midland Realty suggests that improved market sentiment following recent consolidation may encourage more owners to sell, potentially providing buyers with greater negotiating power and drawing more participants into the luxury segment.