Seasoned investor Mr. Chen Qinjie, Chairman and CEO of Mushi International (00130.HK), has recently sold a four-bedroom luxury apartment at Deli Root Pavilion in Mid-Levels for HKD 81.8 million, representing a price approximately 14% lower than its peak valuation.
The unit sold was Unit C on a high floor of Tower 3 at Deli Root Pavilion, with a practical area of 2,429 square feet featuring a four-bedroom layout. It was sold last month inclusive of a parking space for HKD 81.8 million, equating to approximately HKD 33,676 per square foot. According to records, the property was held by DRAGON FIELD LIMITED, whose shareholders and directors are Mr. Chen Qinjie and his wife, Ms. Xu Qiaojiao. It is understood that they acquired the property via a 'backdoor listing' transaction in 2011. Although market data from that period is unavailable, industry insiders estimate substantial profits were made.
Including a previous sale of an entire floor at 23/F China Ocean Tower in Sheung Wan for approximately HKD 220 million, Mr. Chen Qinjie has divested two high-value properties in recent months, realizing total proceeds exceeding HKD 300 million.
