BILLIONAIRE’S DAUGHTER SPLASHES THE CASH
CRYSTAL Choi Ka-Yee – the daughter of a billionaire Hong Kong tycoon known as the “King of Toys” – doesn’t play around when it comes to buying mansions.
After buying two on The Sovereign Islands in two days for a combined $10.5 million, she has followed it up with another purchase of $11 million on the Islands.
The latest buy is Sienna – described as “one of the Gold Coast’s most iconic residences”.
We can’t read too much into the use of “iconic” – it is the most overused adjective in use now – however it is an impressive residence.
Sienna has six bedrooms, eight bathrooms, a ‘Gold Lounge’ cinema room, wet bar and outdoor entertainment pavilion with pool.
The new property acquisition takes Ms Choi’s total spend on the exclusive Islands to $21.5 million since August.
The other properties comprised 9 Brittanic Cres ($5.5 million on August 2) and 4 King Charles Dve ($5 million on August 4).
Ms Choi, daughter of Francis Choi Chee-ming, was until recently chairwoman and executive director of Hong Kong-listed Town Health International Medical Group, headquartered in Hong Kong.
The group reported revenue of HK$584 million ($A110 million) in the six months to June 30, with net assets of HK$4.34 billion ($A819 million).
Earlier this month THIMG announced Ms Choi had stepped down from her roles with the company, which has been suspended from trading on the Hong Kong Stock Exchange for two years.
Mr Choi is founder and chairman of Early Light International (Holdings) Ltd and one of Hong Kong’s richest people, with wealth estimated by Bloomberg at $7.1 billion.
As a 25-year-old toy salesman in the early 1970s, he struck up what would become a lucrative partnership with Barbie toymaker Mattel, earning him the nickname “King of Toys”.