HONG KONG: A historic Hong Kong residence near the estates of tycoons Pony Ma and Richard Li has sold for HK$563 million (US$72 million), marking one of the city’s largest property deals in 2026.
The mansion at 14 Shek O Road was sold to Jennifer Tzelee Teo, a land registry filing showed. It is the largest used-home sale in 2026, according to a database managed by EPRC.
The home, once the residence of the Marden family – former owners of Wheelock Marden & Co – spans more than 567sq m. Located in Shek O, a tranquil enclave on the eastern edge of Hong Kong Island, the neighbourhood has long attracted business tycoons, including Tencent Holdings’ founder Ma.
Billionaire Zhang Lei, the China-born founder of investment firm Hillhouse, was married to Jennifer Tzelee Teo, people familiar with the matter said in 2024. Her legal name used to be Zhao Li, and she changed it after becoming a Singapore citizen, according to public records reviewed by Bloomberg News.
Zhang is also a naturalised Singaporean, and he owns a condominium near the Republic’s Orchard Road shopping belt, property records show.
Representatives for Hillhouse did not respond to requests for comment.
Hong Kong has seen a flurry of luxury home sales since late 2025 as property prices rebound, buoyed by demand from mainland buyers. Among the priciest deals are a mansion on the Peak that fetched US$140 million in August, and a pair of connected villas that sold for US$283 million in December.
The trend has carried into 2026, with mainland buyers spending a record amount on Hong Kong real estate in the first quarter, according to Midland Realty data. Their demand has helped fuel the city’s housing rebound after years of downturn, with finance veterans and business moguls among the most active investors.
That’s good news for property firms in the Asian financial hub. A Bloomberg Intelligence stock gauge of Hong Kong real estate owners and developers has climbed 17 per cent in the past year. - Bloomberg
