Mario Ho Yau-Kwan has acquired a HK$500 million (US$64.4 million) house on 2 Island Road on his 25th birthday.

The large home is located in Deep Water Bay, an exclusive neighbourhood on the southern shore of Hong Kong Island.

At 3,836 sq ft, the price tag translates to HK$130,000 per square foot. Mario Ho, the son of casino tycoon Stanley Ho, only needs to pay a 4.25% stamp duty as he is a first-time homebuyer.

“It is rare to see such houses in prestigious locations available for sale on the market. What rich families consider is whether they like the property instead of the price."

"But there are only a few buyers in the top- end sector,” said Louis Ho, a director at Centaline Property Agencies.

The former owner bought the flat for HK$18.8 million in 1990 and earned a 26-fold gain of HK$488 million.

Property transactions in Hong Kong fell to a 13-month low in January, according to data released on Tuesday.

Analysts warned the coronavirus outbreak is likely to further derail the world’s most expensive housing market.

Mario Ho is one of billionaire Stanley Ho’s 17 children from four wives. Angela Leong, his fourth wife, is co-chairman and an executive director of SJM Holdings.

Sources : SCMP  - thestandard.com.hk