Jack Ma Pouring More Money Into His Hong Kong Mansion

April 20, 2016

NewsStandOnline.Net (20-April-2016): Alibaba Group founder Jack Ma is said to be adding an additional floor and carrying out some modifications at a Hong Kong luxury home that he purchased last year for around HK$1.5 billion (US$193 million).

The rebuilding plan will take Ma’s total expenditure on the property, which is located at 22 Barker Road in the upscale Peak area, to HK$1.66 billion. The work will see the home turned into a five-storey mansion, involving total gross area of 12,400 square feet.

Ma brought the four-storey property from Francis Yuen Tin-fan, former deputy chairman of PCCW Ltd. in August 2015, in a record-setting deal.

Jack Ma Pouring More Money Into His Mansion

In February this year, the Buildings Department is said to have given approval for a rebuilding plan on the property.

Yuen’s family will be vacating the mansion shortly and moving into a unit at Opus Hong Kong, a luxury high-rise tower in East Mid-Levels.

The Barker Road building, which dates back to 70 years, was acquired by Yuen in 2000 for HK$163.5 million.

The construction fee for the rebuilding work is estimated at HK$8,000 to HK$13,000 per square foot, according to Charles Chan, managing director overseeing the Greater China region at Savills Valuation and Professional Services.