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Chris Tsang

The luxury Hong Kong flat once owned by Mandy Lieu – the former mistress of Macau gambling kingpin Alvin Chau Cheok-wa – has finally been sold at a steep loss for just over HK$81 million (US$10.3 million), according to market sources.
The flat on the 38th floor of the Argenta development in Hong Kong’s Mid-Levels West changed hands on Monday for HK$81.2 million – a price that is over 10 per cent lower than the amount Lieu reportedly paid to acquire the property 12 years ago.
Lieu, a renowned model, bought the flat under her own name for HK$91.3 million in mid-2014, paying the full amount upfront in cash, according to previous media reports. She reportedly shared the property with Macau “junket king” Chau.
Following Chau’s downfall in late 2021, Lieu mortgaged the property and then put it up for sale at an asking price of HK$120 million. However, the flat failed to sell, even after she lowered the price to HK$105 million.
After the mortgage fell into arrears, the property was formally repossessed by the creditor, Melco Resorts (Macau) Limited, which appointed an agency to list the flat for sale as a foreclosed property in October 2023. The asking price was lowered once again to HK$95 million.
The three-bedroom apartment with views of Victoria Harbour eventually sold for substantially lower even than that figure. The final price worked out at about HK$37,200 per square foot, based on the flat’s listed saleable area of 2,182 square feet.

According to Land Registry records, the new buyer is Atlas Worldwide Holdings Limited, a company registered outside the local jurisdiction. The firm’s ultimate beneficiary remains unknown.
The more than HK$10 million paper loss on the flat reflected current market conditions in Hong Kong’s luxury property market, with the repossessed apartment having been on the market for a considerable time, according to Tommy YT Chow, senior principal district sales director at Centaline Property.
“With a total price exceeding HK$80 million, finding suitable buyers for such high-value transactions is more challenging than in the past,” he said. “While there is continued demand for second-hand luxury properties in Mid-Levels West, buyers will only consider them if the pricing is attractive and closely aligned with bank valuations.”
According to data from Centaline Property, a total of about 80 secondary residential transactions were recorded in Mid-Levels West in August, with a combined value of about HK$1.14 billion and an average price per saleable square foot of around HK$21,600.
Chau – the founder of Suncity Group, now known as LET Group Holdings – was sentenced to 18 years in prison by the Court of First Instance of Macau in November 2023, after being convicted on 162 charges, including founding and leading a criminal syndicate and engaging in illegal gambling operations.
Lieu began a high-profile relationship with Chau in 2014, maintaining a long-term extramarital affair with three daughters and a son, but the couple broke up in 2019.


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The Mid-Levels flat – once owned by Alvin Chau’s former mistress – is the latest luxury property to sell for a steep paper loss in Hong Kong


The Mid-Levels flat – once owned by Alvin Chau’s former mistress – is the latest luxury property to sell for a steep paper loss in Hong Kong.


Macau kingpin’s former ‘love nest’ finally sells for HK$81m in cut-price deal

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The Mid-Levels flat – once owned by Alvin Chau’s former mistress – is the latest luxury property to sell for a steep paper loss in Hong Kong

The Mid-Levels flat – once owned by Alvin Chau’s former mistress – is the latest luxury property to sell for a steep paper loss in Hong Kong