HARD TIMES? Mugabe Sells Villa At A Loss
- House 3 of JC Castle in Tai Po sold at HK$34 million to an unidentified buyer
- The villa, measuring 2,761 square feet, sold at a 15 per cent loss compared with its 2008 purchase price of HK$40 million
House 3 of JC Castle has been sold for HK$34 million (US$4.3 million), a loss of 15 per cent from its 2008 purchase price of HK$40 million, according to Century 21 Deluxe Home Property, which handled the transaction. The agency did not identify the property’s buyer.
The villa’s seller, identified as a foreigner, “is not living here,” said the agency’s director Thomas Lo. “A loss is unusual for this area.”
The transaction may close the chapter on a long-running dispute in the Hong Kong High Court over the villa’s ownership.
The villa was bought in 2008 by a company called Cross Global, and sold two years later at cost to its sole shareholder Hsieh Ping Sung, a Taiwan-born South African businessman and one-time Mugabe confidant.
Mugabe, who was pushed out of his presidency in 2017, retains full diplomatic status, and a lavish retirement package that included a house in Harare, vehicles and 23 staff members, according to a Zimbabwean government gazette. While in power, Mugabe had applied to the Hong Kong courts to annul Cross Global’s 2010 transfer of the JC Castle villa to Hsieh.
JC Castle, named in honour of action star Jackie Chan, was developed by real estate-and-entertainment tycoon Albert Yeung’s Emperor Group in 2002, comprising 26 villas clustered around three swimming pools.
CREDIT: South China Morning Post/The Zimbabwean