HARD TIMES? Mugabe Sells Villa At A Loss

© Provided by The Zimbabwean

 

  • 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.

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