Billionaire Upgrades To $270 Million House Because The $49 Million One Felt Cramped

Chen Hongtian doesn't like feeling claustrophobic.
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Approx. size of the new pad.

Approx. size of the new pad.

When you amass a net worth that has at least nine zeros on the end of it, there are a few things you no longer have to do: let your feet touch the ground, when there are manservants to carry you on their shoulders; dress yourself, when the butler is paid to do it; breathe the same air as mere multi-millionaires, which is what the protective bubbles are for; and live in the prison-esque conditions of a 5,000 square foot home.

Chen Hongtian, who has a fortune of 16 billion yuan (HK$18.9 billion) according to the Hurun Report and is a major stakeholder of China South City Holdings – which is listed in Hong Kong – said yesterday he bought the 9,212 sq ft house at­ 15 Gough Hill Road for his own use – and not to turn a quick profit. "It's not for speculation," he said. "You can hardly make any profit from properties like this. "I initially planned to move into the home I bought for [$49 million] last year. But I felt it was a little bit too tiny [for my family] and [I would need] to live in a bigger one later on. That's why I bought this house." The "tiny" property Chen was referring to, at the Opus Hong Kong, in eastern Mid-Levels, covers 5,154 sq ft..."We're used to living in big houses. We've got houses of this grade in numerous cities on the mainland and we will live in this [Peak] house whenever we are in Hong Kong," Chen said.

HK tycoon bought record $270M home because his $49M property was ‘too tiny’ [CNBC]

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