A Tycoon Just Spent $180 Million on Hong Kong Luxury Property

(Bloomberg) -- A paper tycoon and his wife are reported to have made Hong Kong’s most expensive luxury property purchase this year, paying HK$1.45 billion ($180 million) for a nine-apartment complex in Repulse Bay.

Raymond Lee, the chairman and co-founder of Lee & Man Paper Manufacturing Ltd., and his wife, Wong Man Yi, are directors of a private company that bought 8 Headland Road this month, the South China Morning Post reported, citing land registry and company records.

The seller of the three-story property was American International Assurance Co., the newspaper said. Lee and Wong couldn’t be reached for comment, it said. AIA bought the property for HK$20.2 million in 1985.

The deal comes as Hong Kong’s property market makes a comeback: prices have climbed for 10 straight weeks, rebounding from a slide that began last August.

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