Just three months ago, the Asia-based real estate blog Mingtiandi brought attention to the sale of one of Hong Kong’s most opulent residences—a nearly 12,000-square-foot hilltop mansion nestled in the highly esteemed Peak neighborhood. The lavish abode, characterized by its limestone façade and lavish embellishments, offers unobstructed vistas of the city skyline and Victoria Harbour. It exchanged hands for HK$838 million, translating to approximately $107 million USD.
This sale garnered considerable attention not only due to its status as one of Hong Kong’s most significant real estate transactions in recent years but also because it marked a rare instance of an ultra-luxury Hong Kong property being acquired by a Mainland Chinese buyer amidst a subdued housing market in Hong Kong and a sluggish economy on the mainland. According to property records, the purchasing entity was controlled by Gu Fang, a woman based in Shenzhen.
Insiders familiar with the matter have disclosed to Robb Report that Gu Fang, the aforementioned buyer, is also directly associated with the acquisition of three of the most extravagant residential properties in the United States within the past 18 months. Notably, two of these residences boast ties to Hollywood celebrities. In October 2022, an undisclosed buyer paid $55 million for the Newport Coast mansion previously owned by reality TV personalities Dr. Terry and Heather Dubrow. Just four months later, another $55 million was shelled out for actor Mark Wahlberg’s extravagant Beverly Hills estate.
While the identity of the buyer was initially undisclosed, reports strongly suggested that both properties were acquired by the same individual—an anonymous Mainland Chinese billionaire now believed to have direct ties to Gu Fang.
Gu Fang, purportedly in her 50s, is the long-time spouse of Xu Hang, a prominent figure in China’s business landscape and co-founder of Mindray Medical, the country’s largest medical device manufacturer.
Despite the broader economic slowdown in China, it comes as no surprise that Xu and Gu are in pursuit of ultra-luxurious residences. The Covid-19 pandemic proved immensely profitable for Mindray; in 2020, co-founder Li Xiting’s net worth reportedly surged by $1 billion monthly due to soaring global demand for ventilators. Similarly, Xu’s personal wealth has seen a remarkable increase over the years, soaring from $1.8 billion in 2018 to a peak of $19.5 billion in 2021, according to Forbes. As per the Bloomberg Billionaire Index, Xu’s current net worth stands at $12.1 billion, positioning him as Shenzhen’s wealthiest individual, while Forbes ranks him as the fourth-wealthiest figure in the healthcare sector worldwide.
Interestingly, the Beverly Hills, Newport Coast, and Hong Kong residences are not the sole opulent properties in Xu’s possession. In early 2023, billionaire real estate developer Stephen Ross sold his palatial penthouse at New York City’s Time Warner Center for $40 million, significantly below its initial $75 million listing price. Records indicate that yet another LLC linked to Xu and Gu acquired this property.
Taking into account all four acquisitions, Xu has spent a staggering $257 million in cash on luxury real estate since late 2022. Notably, he managed to secure substantial discounts on three of the four properties. The Hong Kong manor, originally priced at $166 million, sold for $107 million, while both the Wahlberg residence and the Manhattan penthouse were acquired at considerable markdowns—37% and 47% below their respective listing prices. Altogether, Xu negotiated a total discount of $126 million on these three properties. Although the Dubrow estate was never formally listed on the market, it was reportedly offered as a pocket listing with an asking price exceeding $60 million.
