Meitu Co-Founder's Wife Acquires Jardine's Lookout Mansion at 22% Discount

15 May 2025

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HONG KONG - In a notable transaction reflecting the current dynamics of Hong Kong's luxury real estate market, Wang Baoshan, spouse of Meitu co-founder Mike Cai Wensheng, has purchased a detached residence in the prestigious Jardine's Lookout area for HK$465.8 million (approximately US$59.7 million). This acquisition price represents a 22% reduction from the property's original asking price of HK$600 million .

The property, located at 8 Perkins Road, spans 5,466 square feet and is situated in one of Hong Kong's most sought-after low-density residential enclaves. Jardine's Lookout, part of the Wan Chai district, is renowned for its exclusivity and has been home to several notable figures, including pop icon Jacky Cheung and his wife May Lo.

An agent specializing in luxury homes noted that "many mainland buyers favor single homes in Jardine's Lookout," highlighting the area's appeal to affluent investors from mainland China. The property's extended time on the market contributed to the negotiated discount, making it an attractive acquisition for discerning buyers.

This purchase underscores a broader trend of wealthy mainland investors capitalizing on favorable market conditions to acquire high-end properties in Hong Kong. Factors such as currency stability, asset diversification, and the city's enduring appeal contribute to this sustained interest in luxury real estate.

Mike Cai Wensheng, Wang's husband, co-founded Meitu, a prominent Chinese selfie app, and has an estimated net worth of US$1.1 billion, according to Forbes. Their investment in Hong Kong real estate reflects confidence in the city's property market and its long-term value proposition.

As Hong Kong's luxury property sector continues to navigate market fluctuations, transactions like this highlight the strategic moves of high-net-worth individuals seeking to leverage opportunities in prime locations.