Huawei Technologies Co.’s Chief Financial Officer Meng Wanzhou made a profit of more than HK$11 million ($1.4 million) by selling a duplex penthouse in Hong Kong she bought a decade ago.
The tech heiress offloaded the 1,408-square-foot property at Island Harbourview in Kowloon’s Olympic area for about HK$30 million, government records show. She purchased it in 2013 for HK$18.7 million. Local media Ming Pao first reported the transaction.
The sale comes as Hong Kong’s residential market shows fresh signs of weakness after a short-lived rebound in the first quarter. Home prices may end the year unchanged from the start of 2023, suggesting a 7% drop, Citigroup Inc said last month. A gauge of second-hand property prices is down 13% from its record in 2021.
Meng spent almost three years under house arrest in Vancouver as she battled extradition to the U.S. on fraud charges, before being released in September 2021.
