S'porean woman buys S$92 million mansion in exclusive Hong Kong residential district

A Singaporean tycoon has reportedly bought a HK$563 million (S$92.3 million) property in the exclusive Hong Kong enclave of Shek O.

Singaporean buyers

Bloomberg reported that a Hong Kong Land Registry filing showed that the mansion at 14 Shek O Road was sold to Jennifer Tzelee Teo.

Teo is believed to be married to China-born billionaire Zhang Lei, founder of investment firm Hillhouse Capital.

Both Zhang and Teo are naturalised Singaporean citizens, and Bloomberg reported that Teo changed her legal name from Zhao Li after becoming a Singaporean citizen.

Zhang also owns a condominium near Orchard Road.

1930s-era mansion

The property purchased in Hong Kong is a 1930s-era mansion at 14 Shek O Road, also known as The Round House, on the Hong Kong Island’s southeastern coast.

Shek O is described as a "tightly held luxury residential district" by the South China Morning Post (SCMP).

The mansion was previously home to John Marden, the former chairman of Wheelock & Co.

It was previously held by Marden's widow, the philanthropist Anne Marden, until she died in 2022.

The mansion is on land surrounding the Shek O Country Club and covers around 6,163 sqft, or about 573 sqm.

Exclusive mansions

Due to the unique ownership structure of the residences surrounding the Shek O Country Club, prospective buyers need approval to become members of the community before a transaction can proceed, reported SCMP.

Existing members are also given the opportunity to object to applications.

This means that purchases there are affected by more than financial means alone.

Teo will join a number of prominent tycoons who hold property in this area, such as Pony Ma, co-founder and CEO of Tencent, and Richard Li, head of the Pacific Century Group Investment Company.

Bloomberg notes that Hong Kong has seen several luxury home sales in the past year, as property prices rebound due to demand from mainland buyers.