Properties on Mount Nicholson, Hong Kong. Photo by Wikipedia/Wpcpey

He had acquired the property in 2016 for about HKD312 million. Although the selling price was about 3.5 times higher than the purchase price, stamp duty and transaction costs may have resulted in a loss.

Leong said the flat had been leased out but became vacant after the tenant moved out. "It’s better to sell as it’s difficult to find tenants now," he said, noting that the rental yield was only 1% to 2%.

The buyer was Earthstone, whose director is Fu Songyang, a mainland entrepreneur and founder of Beijing-based luxury car dealer FFF-Automobile.

The agreement was signed on Feb. 11 and the transaction was completed on Wednesday, a day before a higher stamp duty rate on homes priced above HKD100 million came into force, allowing the buyer to avoid the increased 6.5% levy.

Leong earned the moniker "king of shops" from amassing an large portfolio of retail and commercial properties through his company Tai Hung Fai. He has a net worth of $2.3 billion, according to Forbes.