Disgraced casino tycoon Alvin Chau’s ex-mistress’s former Hong Kong apartment sold at 11% discount
A luxury Hong Kong apartment previously owned by Mandy Lieu, the former mistress of disgraced Macau casino tycoon Alvin Chau, has been sold at HK$81.2 million (US$10.35 million), 11% below its purchase price.
Alvin Chau, the disgraced casino tycoon, recently saw the sale of his former Hong Kong apartment, which his ex-mistress purchased. The flat, located on the 38th floor of the Argenta development in Mid-Levels West, was listed at HK$37,200 per square foot, a 11% discount from its original price of HK$91.3 million. Chau, the founder and former CEO of Suncity, was arrested in November 2021 and convicted of fraud, leading a criminal organization, and operating illegal gambling activities, resulting in an 18-year jail sentence.
He is currently serving his term at Coloane Prison in Macau. The model, who purchased the property in her own name and paid the entire amount upfront in cash, had initially mortgaged the flat before attempting to sell it for HK$120 million. After Chau's downfall, she further reduced the asking price to HK$105 million, but the mortgage fell into arrears, leading to the property being repossessed and listed at HK$95 million.
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