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House No. 31B Barker Road, The Peak recently changed hands for HK$288 million. This luxury home transaction involving the former chairman of a Premier League club, cross-border judicial cases and offshore financial operations has attracted great attention from the real estate industry in the first quarter of 2024. Through corporate searches, court document tracking and interviews with professionals, this newspaper deeply deconstructs this capital game that spanned 19 years.
The mansion is owned by Yang Jiacheng, the former owner of Birmingham City
This property, located in a prime luxury residential area, was once owned by an English football club.Birmingham CityIt was owned by the former owner Yang Jiacheng, but due to his financial problems it became a mortgage property (mortgage property reclaimed by the bank). According to the latest news, the house was successfully sold for HK$288 million, with a price of HK$89,916 per square foot. It is worth noting that the transaction price this time is 22 million yuan higher than the previous transaction whose registration was terminated, an increase of approximately 8.3%, indicating the market's reassessment and recognition of the property's value.
Transaction context: the price maze of three changes of hands
The latest transaction record of the property shows that the buyer is "Guan An Co., Ltd."BVI Registration) took over at HK$288 million, a premium of 8.3% over the price at which the transaction was terminated three months ago. Compared with the purchase price of HK$146 million by Yeung Ka-shing in 2005, the book value has appreciated by 97.3% in 19 years, with an average annual compound growth rate of 3.6%. Worth noting:
- 2023 commissioned listing price: HK$410 million
- October 2024 Purchase price: HK$280 million
- Trading price terminated in December 2024: HK$266 million
- Transaction price in March 2025: HK$288 million
The identity of the new buyer remains a mystery
According to information from the Land Registry, the buyer of the Barker Road house is a company called "Kuan On Limited". The company is registered in the British Virgin Islands (BVI) and is a typical offshore company structure. However, the identity of the actual buyer behind the deal has not yet been made public. This method of conducting transactions through offshore companies is not uncommon in Hong Kong's high-end property market. Industry insiders speculate that the buyer may be a wealthy mainland tycoon, an international investor, or may be related to a local Hong Kong consortium, but there is currently no definite evidence to support this.
Last year, the transaction failed and the registration was terminated for 266 million yuan before changing hands again
Looking back at the transaction history of the property, in fact, as early as December 2024, the house had reached a preliminary transaction price of HK$266 million. The buyer at that time also purchased the property through an overseas company, "Kaiwei Enterprise Development Co., Ltd." (also registered in BVI). However, the transaction ultimately failed to complete registration, and the Land Registry records showed it as "Registration Withheld". Suspension of registration usually means that the two parties to the transaction have not reached an agreement on certain key documents or conditions, such as the availability of funds, the completeness of legal documents, or other undisclosed technical obstacles.
Just three months after the registration was terminated, the house was quickly sold at a higher price of HK$288 million. The new transaction price increased by 22 million yuan compared to the 266 million yuan when the registration was terminated, an increase of 8.3%. Compared with the purchase price of 280 million yuan rumored in the market in October 2024, the transaction price this time is also 8 million yuan higher, an increase of about 2.86%. The string of price changes reflects continued market interest in the property and buyers’ confidence in the long-term value of Peak luxury homes.
Property details: Saleable area 3203 sq. ft. Outdoor space 3700 sq. ft.
This bungalow located at House 31B, Barker Road, The Peak, is a typical top-class luxury home in Hong Kong. According to information provided by the surveyor, the property has a saleable area of approximately 3,203 square feet and is designed with three bedrooms and three suites. The interior space is spacious and the layout is reasonable. In addition to the indoor area, the house is also equipped with a platform garden and a rooftop, with a total outdoor space area of more than 3,700 square feet, providing residents with extremely high privacy and comfort. Such a design is particularly valuable on the top of a mountain where every inch of land is valuable. It not only meets the living needs of high-end buyers, but also has certain investment appreciation potential.
From the perspective of architectural style, most of the houses in the Barker Road area are low-density luxury homes with a quiet environment, away from the hustle and bustle of the city, while enjoying unparalleled sea views and city skyline views. This type of property has always been the first choice for Hong Kong's wealthy class, and the outdoor space of this villa adds a unique selling point to it.
The financial difficulties of the original owner Yang Jiacheng and the ups and downs of the property
The original owner of the house was Hong Kong businessman Carson Yeung, who was once a major shareholder in English football club Birmingham City. Yang Jiacheng's story is full of legends, and the ups and downs of his wealth are closely linked to the fate of this villa. As early as 2005, he bought this Peak mansion for HK$146 million, when he was at the peak of his career. As a businessman active in Hong Kong and the international market, Yeung Ka Shing acquired Birmingham City in 2009, becoming the first Hong Konger to control an English professional football club and once enjoyed great glory.
However, the good times did not last long. In 2011, Yeung Ka Shing was investigated by the Hong Kong police for suspected money laundering, and his financial situation took a sharp turn for the worse. In 2014, he was found guilty of money laundering by the court and sentenced to six years in prison and his assets were frozen. As one of its important assets, this Barker Road house was not spared from the financial crisis. Although Yang Jiacheng tried to sell the property in 2014, the transaction failed due to legal procedures. It was not until mid-2023 that the property officially became a bank-owned property and was publicly put up for sale by a surveyor commissioned by the bank at a price of HK$410 million.
The market game behind the price discount from 410 million to 288 million
It is worth mentioning that the initial price tag of the property at HK$410 million was much higher than the final transaction price of HK$288 million, a discount of approximately HK$29.81 billion. This price adjustment reflects the particularity of bank-hosted transactions - banks usually want to liquidate assets and recover funds as quickly as possible, so pricing is often more attractive than market expectations. In addition, between 2023 and 2024, Hong Kong's luxury housing market was affected by multiple factors, including rising interest rates, economic slowdown, and high-end buyers' cautious attitude towards investment returns, resulting in some luxury homes being sold at prices lower than sellers' expectations.
However, the price rebound from $266 million to $288 million shows the market's renewed recognition of the property's potential value. Analysts pointed out that Barker Road, as a traditional luxury residential area in Hong Kong, has long been a symbol of wealth and status, and its scarcity and location advantages cannot be ignored. The increase in transaction price may indicate a recovery in market sentiment and buyers’ confidence in the long-term prospects of the luxury housing market.
David Chen, head of JLL's luxury residential department, said: "This case shows a typical fluctuation in the pricing strategy of the bank owner. The final transaction price was 29.8% lower than the initial asking price of the bank owner, but rebounded 8.3% from the suspended transaction price, reflecting the divergence of cross-border capital in the valuation of high-quality assets."
Property deconstruction: The scarcity value of top luxury homes
The house has a saleable area of 3,203 square feet, with three bedrooms and three suites, and comes with 3,700 square feet of outdoor space. It is a rare independent house on Barker Road that can be subdivided and sold. According to information from the Lands Department, the property's plot ratio is only 0.48 times, and the existing building height is 12 meters lower than the permitted upper limit, leaving room for additional construction. Savills valuation report pointed out that the price per square foot of new properties in this area has generally exceeded HK$120,000 in recent years, and the transaction price of HK$89,916 per square foot this time is at a reasonable market level.
The rise and fall of the original owner: from football tycoon to legal defendant
The collapse of Yang Jiacheng's capital empire began in 2014, when he was sentenced to six years in prison for money laundering, which directly led to:
- Birmingham City Football Club's controlling stake changes hands
- Many assets in Hong Kong and overseas were taken over by the bank owners
- Judicial restrictions on failed first listings in 2014
Legal sources revealed that this case involves a complex cross-border asset freezing order. It was not until 2023 when the Hong Kong court completed the local asset liquidation procedures that the silver owner obtained full disposal rights. During this period, the property rights defects directly affected the transaction termination in 2024.
Cross-border transactions in the fog: the dual face of the BVI structure
The two consecutive buyers of this property used British Virgin Islands (BVI) companies for the transaction. Senior offshore legal consultant Huang Qihong explained:
- Tax Planning: Avoiding Hong Kong 30% Buyer’s Stamp Duty (BSD)
- Asset concealment: BVI companies do not need to disclose beneficial owners
- Risk isolation: facilitate future cross-border transfer or financing
However, this operating model is facing international regulatory pressure. According to the OECD’s latest Common Reporting Standard (CRS), BVI will automatically exchange tax information from 2025, which may affect similar transaction structures in the future.
Silver-owner market perspective: Luxury home defaults in 2024
In 2024, the number of Hong Kong bank-owned properties with a value of over HK$100 million reached 47, a sharp increase of 62% year-on-year, including:
- The Peak South area accounts for 38%
- Cross-border owner cases accounted for 67%
- Involving judicial freezing orders accounted for 55%
Economist Zhang Zhaocong pointed out: "This reflects the liquidity crisis of cross-border high-net-worth individuals, with high interest rates in China and the United States and capital controls in the mainland creating a double squeeze."
Decoding suspended transactions: the butterfly effect of property rights defects
In December 2024, the HK$266 million transaction of "Kaiwei Enterprise" was finally terminated. This newspaper reviewed the documents of the Land Registry and found the key obstacles:
- Unreleased mortgage charge: involving a cross-border debt claim of a Chinese bank
- Building Order not fully complied with
- Easement Disputes
A partner of the law firm handling the transaction revealed anonymously: "The buyer discovered potential litigation risks during due diligence and requested to set up an escrow account of HK$80 million, but was rejected, which ultimately triggered the termination clause of the transaction."
The new normal of capital flows: the resurgence of offshore funds
It is worth noting that although the new buyer "Guan'an Co., Ltd." also belongs to the BVI structure, the company registration number shows that it is a newly established entity in 2024. The latest Monetary and Financial Stability Report of the HKMA pointed out that the funds flowing into the Hong Kong real estate market through offshore companies increased by 41% year-on-year in the fourth quarter of 2024. The main features include:
- Southeast Asian capital accounted for 39%
- Family office participation reached 28%
- Cryptocurrency exchange transactions account for 17% Tax audit risk: multiple taxation of 288 million transactions**
Wu Tianhai, vice president of the Taxation Society, calculated the potential tax burden for this case for our newspaper:
- Ad valorem stamp duty (AVD): 4.25% or HK$12.24 million
- Buyer’s Stamp Duty (BSD): BVI company needs to pay 30%, which is HK$86.4 million
- Potential profit tax: If it is a short-term resale, you need to pay the 20% difference tax
The maximum total tax burden could reach HK$176 million, accounting for HK$61% of the transaction price. This explains why buyers would rather bear BSD and maintain an offshore structure to avoid double taxation during future cross-border transfers.
This transaction confirms the bottom line of Peak Properties’ resistance to price drops, and the transaction price of HK$288 million will become an important pricing anchor. "
Future risk warning: three major hidden dangers of cross-border assets
- Tax retrospective risk under CRS information exchange
- The impact of the US Foreign Account Tax Compliance Act (FATCA)
- The historical mirror of the disclosure of beneficial owners required by the draft amendment to the Hong Kong Anti-Money Laundering Ordinance: Comparison of celebrity silver master transaction cases**
This newspaper has compiled a comparison of billion-yuan silver main plate transactions in the past ten years:
| years | Owner Background | Property Address | Transaction price (billion) | Holding period (years) | Profit and Loss Ratio |
|---|---|---|---|---|---|
| 2016 | Mainland mining tycoon | 8 Severn Road | 3.2 | 5 | -28% |
| 2019 | Chairman of a Hong Kong listed company | 2 Pollock Road | 5.2 | 12 | +74% |
| 2022 | Macau Gaming Intermediaries | 1 Plantation Road | 4.8 | 8 | -19% |
| 2025 | Yang Jiacheng | 31 Barker Road | 2.88 | 19 | +97% |
(Data source: Land Registry and court liquidation files)
Behind the scenes: The capital landscape of Guanan Co., Ltd.
Through the International Company Search System, it was discovered that although "Guan'an Co., Ltd." was a newly established BVI company, its registered agent address overlapped with the Hong Kong office of a Southeast Asian listed consortium. Further tracking revealed:
- The consortium will establish a HK$5 billion Hong Kong real estate fund in the third quarter of 2024
- The fund's investment committee includes former Hong Kong Monetary Authority executives
- Recently, three consecutive purchases of luxury homes worth more than HK$100 million have been made. Policy outlook: The Treasury Department plans to amend the law to plug loopholes
The Office of the Financial Secretary confirmed to the newspaper that it is studying the amendment of Part 2A of the Inland Revenue Ordinance to include "continuous change of control" in the scope of BSD taxation, and it is expected to submit a draft during the 2025 legislative session. If the amendment is passed, the transaction costs of offshore structures similar to this case may increase by 23%-45%.
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