Buyer linked to Ningbo’s richest family purchases Hong Kong trophy home for US$18.5m

A buyer linked to the family behind Ningbo Tuopu Group has acquired a luxury villa in Hong Kong’s Tai Po area for HK$145.6 million (US$18.5 million), adding to signs of fresh mainland Chinese wealth making its way into the city’s high-end residential market. Wu Xiaoming agreed to buy a home at Villa Lucca, 7 Lucca Avenue, on July 17 under an off-plan agreement for sale and purchase, Land Registry records showed. The four-bedroom stand-alone garden house has a saleable area of 5,281 sq ft,...