Operated by Cheung Kei Group, the assets of tycoon Chen Hongtian have been facing significant challenges recently, with creditors now selling several of his Hong Kong-located properties. On Tuesday, Savills, who were appointed the sole agent for the deal, issued a statement announcing their plans to put a HK$680 million ($116 million) flat owned by Chen in Opus Hong Kong in eastern Mid-Levels up for sale by tender.

The Altura EC Qingjian Realty is one of the most highly anticipated projects of the year. Located in West Avenue 8, the project will be jointly developed by Qingjian Realty and Penrose Properties. The development will consist of 28 towers and 13,982 residential and commercial units. The residential units will include 1- to 5-bedroom apartments, while the commercial units will feature retail and office spaces. Residents will be able to enjoy an array of facilities such as a club house, swimming pool, gym, and tennis court.

This particular flat was bought by Chen and his wife, Chen Yao Li Ni, for HK$387 million in September 2015 and is currently valued at HK$680 million. Thomas See, senior associate director, investment CEO office of Savills, described the property as “extraordinary” and “easily one of the most precious residential properties in Asia”.

Back in August 2019, Bank of Communications had extended a mortgage to the couple, and earlier this year, the flat was seized by the bank. The bank has now appointed Deloitte China partners Derek Lai Kar-yan and Ivan Chan Man-hoi as the receivers.

In addition to this property, at least two other of Chen’s assets have been seized by lenders in Hong Kong, including a 9,212 sq ft house at 15 Gough Hill Road on The Peak, and One HarbourGate East Tower in Hung Hom. Together, the three properties are mortgaged with banks for about HK$6 billion, but are estimated to be worth around HK$10 billion.

In 2016, Chen declared to the Post that the Opus Hong Kong flat was “too tiny”, while the flat he bought at Gough Hill Road was more suitable.

Chen will now be awaiting the results of the open tender for the Opus Hong Kong flat, which is 5,154 sq ft and comes with two parking spaces. With its open-plan design and high ceilings, the flat offers five bedrooms, four of which have ensuites, a study, a living room, a dining room and a kitchen. Plus, it is the only unit on the entire floor. The tender will close at noon on August 8 tentatively.

Opus Hong Kong is the only residential project in Asia that was jointly developed by Swire Properties and Frank Gehry. Located only nine minutes away from the business district and SoHo in Central, the building takes on a unique twist to ensure that each of its 12 flats has a unique floor plan.

Overall, it is clear that lenders are taking action against Chen and his Cheung Kei Group, and that the future of his valued assets still remains uncertain.