Date
19 July 2018
The mobile game Tower of Saviors made a big splash in Hong Kong and Taiwan, attracting five million downloads shortly after it was released in January 2013. Photo: YouTube
The mobile game Tower of Saviors made a big splash in Hong Kong and Taiwan, attracting five million downloads shortly after it was released in January 2013. Photo: YouTube

What would every local startup buy after making big bucks?

It all boils down to a game of Monopoly: whoever acquires the most number of properties wins.

The Tsang brothers, who developed the highly popular mobile game Tower of Saviors, are no exception to the rule.

According to Land Registry records, Terry Tsang Kin-chung and his brother Terence Tsang Kin-ho last month purchased twin homes in Providence Bay, Tai Po, right next to their office in Science Park.

The Tsangs paid HK$66.6 million for the linked, identical homes; each unit measures 1,700 square feet and has four bedrooms, valued at over HK$19,360 per square foot.

Both units belonged to the same seller who acquired them from developer Sino Land for HK$57.68 million in 2011.

The Tsang brothers, of course, is known to have earned their fortune from Tower of Saviors. The mobile game made a big splash in Hong Kong and Taiwan, attracting five million downloads shortly after it was released in January 2013.

However, it is not clear how the two Hong Kong Science and Technology graduates financed their property purchase. In fact, there is no available information to the public on the latest shareholder structure of their private company Magic Feature, parent of the operating entity Madhead.

The duo’s enterprise was one of the early examples of a successful local startup. Some critics pointed out the game’s concept originated from another mega-hit game, Puzzle & Dragons, but the Tsangs repeatedly denied the allegation.

The initial success of Tower of Saviors attracted a US$70 million investment from mainland game developer Forgame, which sought a 20 percent stake in Magic Feature in return. The deal, however, was not consummated after the frenzy over the mobile game fizzled out the following year.

Shortly thereafter, Madhead launched a role-playing game with Tencent Holdings, the world’s biggest mobile game provider. But Tencent terminated the distribution agreement after players complained that they had to spend more money on the game because of the modifications that made it more difficult to score points.

The Tsangs have since taken a low profile, that is, until their recent twin-homes purchase.

For startups, there are different paths to success, but the aspiration to buy a dream home is virtually the same.

– Contact us at [email protected]

CG

EJ Insight writer

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