Looks like Hongkong star Eric Tsang just made a huge killing on the property market.
Property prices in land-starved Hongkong have always been super high, but according to this report, 67-year-old Eric just made an enormous profit — we’re talking millions here — from the sale of this mansion he bought in 1988.
According to an insider, Eric had bought a mansion in a landed property development named Rainbow Villas in 1988, two years after it was completed in 1986. At that time, the mansion was valued at HKD$4.03mil (S$705,000), which was the price Eric had paid for the 1789 sq ft house.
After 32 years, it appears that the value has increased astronomically, with Eric selling his mansion to a buyer for a whopping HKD$100mil (S$17.5mil). Yup, your eyes aren’t deceiving you. Eric just earned S$16.8mil from that sale.
The insider then went on to share that the buyer apparently owns another mansion in the same development.
Reports then went on to share that fellow celeb Liza Wang also owns a mansion there, having bought it for HKD$2.93mil (S$513,000) in 1987. She currently lives there as well.
However, it doesn’t seem like she’s the mystery buyer. When reached for a comment, Liza shared that she has no intentions to sell her home, and that the sky-high price of said property was beyond her expectations.