Lee Shau-Kee was the talk of the town in Hong Kong when his property company sold an apartment overlooking Victoria harbour last year for a world record HK$439m ($57m, €45m, £38m). But now the Hong Kong tycoon is facing an unprecedented attack from the city’s legislature after the sale crumbled amid allegations the deal was bogus.
Since March, the government has been in correspondence with Henderson Land, the city’s third largest developer, which is controlled by Mr Lee, about the collapse of 20 apartment sales at a luxury complex at 39 Conduit Road. The government revealed this month that police were separately investigating the failed sales, without giving more details.
Henderson, whose market value is about HK$103bn, raised eyebrows by handing back part of the deposits paid by the prospective buyers. Mr Lee yesterday declined to appear before Hong Kong’s legislature to discuss the issue. Tomorrow, the body will vote to decide whether to compel a Henderson representative to attend a special hearing.