Alibaba’s Jack Ma Buys $193 Million Bungalow

Variety Alibaba chairman Jack Ma is reported to be the buyer of a luxury house in Hong Kong’s exclusive Victoria Peak district that sold this week for HK$1.5 billion (US$193 million).

The 70 years old, 9,900 sq ft property at 22 Barker Road is described variously as a “bungalow, a villa or a mansion. The sale makes it the second most expensive home in the world per sq Ft. according to the Hong Kong Economic Journal – at HK$151,653 (US$19,500) per saleable sq. ft .

The three story property has a 270-degree sea view of Victoria Harbor and incredibly rare in Hong Kong – a 20,000 square ft. private garden.

The home was bought from telecoms magnate, Francis Yu, former deputy chairman of PCCW. Yu bought the place in 2000 for HK$163.5 million ($21.one million), giving him a more than nine-fold profit in 15 years.

Earlier this week Alibaba, the Chinese e-commerce giant, reported financial figures for the second quarter, which disappointed investors and caused the company’s shares to fall. But even though the devaluation of the Chinese currency as well as the share slide Ma continues to be among the world richest men and have his personal net-worth to over US$20 billion.

The world richest man - jack ma net worth

The world richest man – jack ma net worth

 

In 2007, Ma previously paid HK$282 million ($36.5 million) for the next Hong Kong property in Branksome Crest, Mid-Levels, a deal which was then expected to help him gain Hong Kong permanent residency.

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