Mainland China tycoon pays US$32.1 million for Hong Kong penthouse as luxury deals pick up

A duplex penthouse at Kerry Properties’ Mont Verra development in Beacon Hill, Kowloon Tong, sold for HK$250 million (US$32.1 million) last month, as wealthy mainland Chinese buyers continued to snap up luxury homes in Hong Kong at softer prices.

The buyer is linked to one of the wealthiest families in Anhui, an inland province in eastern China.

According to a filing, the unit was sold on November 7 and registered with the Land Registry on December 5 under the names of Wu Weidong and his wife, Pan Junfang, for the full HK$250 million consideration.

Wu is the son of Wu Xushun, whose family topped the 2017 Hurun Rich List for Anhui province with an estimated fortune of 13.5 billion yuan (US$1.9 billion).

The tender sale was for a 4,378 sq ft unit on the sixth floor of Tower 5 – a four-bedroom, all-en suite flat with two helper rooms and parking spaces. It fetched HK$57,107 per square foot, according to Midland Realty.

The Wu family built its wealth through auto-parts maker Wuhu Shunrong Auto Parts, founded in 1995, before expanding into online gaming after acquiring a controlling stake in Shenzhen-listed 37 Interactive Entertainment Network Technology Group in 2013.

The company has since grown into one of China’s largest game developers and operators. The family has been gradually selling down its holdings in 37 Interactive in recent years; Wu Weidong held a 1.9 per cent stake as of the company’s 2025 interim report.