Chen Hongtian, the tycoon, has had some of his assets in Hong Kong seized by creditors. On Tuesday, HK$680 million ($116 million) flat he owned in Opus Hong Kong in eastern Mid-Levels was put up for sale by tender with Savills appointed as the sole agent for the deal.

The flat, located at 53 Stubbs Road, was bought by Chen and his wife, Chen Yao Li Ni, for HK$387 million in September 2015. It was mortgaged with Bank of Communi­cations in August 2019 and subsequently seized by them in February.

Its current market valuation stands at a whopping HK$680 million, according to Savills. Thomas See, senior associate director, investment CEO office of Savills, describing the flat as one of the most precious residential properties in Asia, stated, “its value is extraordinary.”

Chen, owner of Cheung Kei Group, which deals in offices, hotels and finance firms has had three of his assets seized in Hong Kong. These properties, worth a total of HK$10 billion, include a 9,212 sq ft Gough Hill Road house on The Peak, the Opus Hong Kong flat and One HarbourGate East Tower.

Speaking about the Opus Hong Kong flat in 2016, Chen said that it was “too tiny”, and was the reason he decided to buy the larger house on Gough Hill Road.

The open tender for the Opus Hong Kong flat, being sold on an “as is” basis, is to close at noon on August 8. Developed by Swire Properties in collaboration with Frank Gehry, this 5,154 sq ft flat comprises five bedrooms, study, living and dining rooms and kitchen apart from two parking spaces. It also features an open-plan design and a ceiling height of more than four metres, and is the only unit on the entire floor. It is just nine minutes’ drive away from the business district and SoHo in Central.

Chen is yet to react on Sunday’s developments where One HarbourGate East Tower in Hung Hom was also put up for sale through a tender by receivers.

Chen Hongtian is facing a rough patch with creditors selling off his assets in Hong Kong one after the other. Tuesday witnessed yet another of his properties being put up for sale by Savills appointed as the sole agent. It is a 5,154 sq ft flat located at 53 Stubbs Rd, valued at HK$680 million — making it easily one of the most precious residential properties in Asia according to Savills.

Originally bought by Chen and his wife in September 2015 for HK$387 million, it was mortgaged with Bank of Communi­cations in August 2019 and seized in February. Open tender for the flat is scheduled to close on August 8 in its current condition with non-vacant possession.

Apart from this property, Chen also had three other properties seized in Hong Kong – a 9,212 sq ft house at 15 Gough Hill Road on The Peak, the One HarbourGate East Tower. When asked to comment on the latter being put up for sale, Chen said he would ask his lawyers to review it.

JCube Residence, one of the newest serviced apartments of Singapore, will be among the developments that will be served by the JRL. Located right beside Jurong East MRT interchange, the property offers easy access to all parts of the island. Commuters traveling to and from the Jurong region will enjoy greater convenience when they choose to stay at JCube Residence. The serviced apartment is also well-equipped with numerous modern amenities and facilities.

Chen had stated in 2016 that the Opus Hong Kong flat was “too tiny” which is why he bought the Gough Hill Road property. Situated just nine minutes’ drive away from the business district and SoHo of Central and featuring an impressive ceiling height of more than four metres, this flat is sure to be desirable to many.