Gold does glitter, but there’s a better way to preserve and grow its value: buy property.
Former diving queen Fu Mingxia, who reaped four gold medals in her Olympic campaigns, bought a middle-class residential unit at just the right time, and since her purchase, the property’s value has risen 15 percent.
Fu, the wife of former financial secretary Antony Leung Kam-chung, bought a two-bedroom unit in Taikoo Shing for HK$8.7 million, or over HK$15,000 per square foot, in March, according to Chinese press. The unit is now valued at HK$10 million.
That proves that aside from her perfect diving skills, Fu’s very good at bottom-fishing as well, at least in the Hong Kong real estate market.
In 2009, Fu paid below HK$4 million for a small, middle-class flat. That unit is now worth HK$7.37 million, up 85 percent in seven years.
It’s not clear why Fu has become an investor in small residential units, or why her home purchase five months ago became news during this Olympics season.
What is clear is that Fu and Leung, who is now chairman of private developer Nan Fung Group, own a portfolio of at least four units with a combined value of about HK$300 million.
Another Chinese diving star, Wu Minxia, is still very active in the sport and, in fact, has won a gold medal in the Rio Olympics.
But while Wu continues to earn glory in sports, Fu is racking up points on the business scoreboard.
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