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Peggy Ye

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, implying a price of HK$27,571 per square foot.
Wu is a director of Mecca International Holding (Hong Kong), according to Companies Registry records.
The firm was previously headed by Wu Jianshu, chairman of Ningbo Tuopu Group, who was ranked 299th globally on the 2026 Hurun Global Rich List with a fortune of 77 billion yuan (US$11.4 billion), making him the richest man in Ningbo, in China’s eastern province of Zhejiang.
Wu Xiaoming was appointed a director of the Hong Kong company in 2018, replacing Wu Jianshu as the first-named director, records showed.
The transaction adds another link between Ningbo capital and Hong Kong property.
In June, a Ningbo government-backed innovation platform agreed to buy an office building in Wan Chai for HK$800 million, highlighting growing interest from the mainland city in Hong Kong property as prices remained well below their peaks.
Ningbo Tuopu Group, a major Chinese auto parts manufacturer headquartered in Ningbo and listed in Shanghai, submitted an application to the Hong Kong stock exchange to issue H shares and list on the main board, according to its filing in March.
The company did not respond to a request for comment.
Activity in Hong Kong’s luxury residential market has become more subdued. The Peak and Southern district recorded 12 sales in July, down 57 per cent from June, while the total value of transactions fell 48 per cent to about HK$2.35 billion, according to Midland Realty.
Transactions worth more than HK$100 million fell even more sharply – to four from 11 in June – while detached-house sales dropped to six from 11.
The month, however, produced several outsized deals, underscoring the resilience of the trophy-home segment.
A recent purchase at CK Asset’s luxury project 21 Borrett Road also shows that demand remains concentrated among high-end buyers. On August 4, a single buyer acquired two four-bedroom units on the 11th and 12th floors for nearly HK$300 million in total.
The developer said it had recently received more inquiries from buyers looking to purchase multiple units, with some attracted by the project’s privacy and layout.
The buyer in the latest deal bought adjoining units on consecutive floors, creating separate living spaces while allowing the family to live together, it added.
Midland Realty said on Wednesday that improved market sentiment after recent consolidation could encourage more owners to sell and widen their negotiating room, potentially drawing more buyers into the luxury segment.


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Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity


Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity.


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

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity

Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity