18th January 2021 – (Hong Kong) Lee Cheuk-yan, member of the Legislative Council of Hong Kong from 1995 to 2016 sold a unit at Mei Foo Sun Chuen, Stage 1, No. 5-7 Broadway Street, Lai Chi Kok, which has a saleable area of 827 square feet. According to market reports, it was transacted for HK$10 million, and the price sold was about HK$12,092 per square foot.
Meanwhile, the lawsuit-ridden Democratic Party Vice-Chairman Lam Cheuk-ting also recently sold his self-occupied property in Garden Vista, Sha Tin for more than HK$10 million. Lam said that the main purpose of selling his flat is to cash in for his children’s education and multiple lawsuits. He emphasised that he will never leave Hong Kong. Therefore, selling a flat is not about planning an escape.
According to real estate agency information, Lam’s 3-bedroom, 1102-sq. ft. unit with parking space in Garden Vista was recently sold for HK$12.68 million. He bought it in 2009, when it was HK$5.52 million which means the book value appreciated HK$7.16 million
In response to the inquiry, Lam said that he had to prepare more for his family. Children also need a lot of money to go to school. He also planned to send his 16-year-old son to a foreign school. He continued that another reason for selling the property was to deal with multiple lawsuits. It was estimated that a large amount of money would be required. Therefore, he sold the property and rented another property temporarily. He emphasised that he had no plan to leave Hong Kong. There were also many lawsuits and he has surrendered his travel documents.