Chinese billionaire Cheung Chung Kiu, a property mogul, has agreed to buy a 45-room mansion in Knightsbridge, London, for more than 200 million pounds ($262 million), breaking London’s house price record.
According to Bloomberg, the private family office of Cheung Chung Kiu is acquiring the palatial home at 2-8a Rutland Gate, overlooking Hyde Park. The deal would be a bright spot for the U.K. capital’s moribund luxury property market, and a sign that the world’s wealthiest are being lured by the weak pound as the U.K’s exit from the European Union draws near.
Chung-kiu, better known as CK, originally hails from Chongqing and is the founder and managing director of Yugang International, a manufacturer of packaging materials; his other companies include CC Land Holdings and YT Realty Group.
Read the full story on Bloomberg.