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Buyer linked to Ningbo’s richest family purchases Hong Kong trophy home for US$18.5m
Deal adds to signs of mainland Chinese wealth entering the city’s high-end residential market despite a slowdown in overall activity
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Peggy YePublished: 8:39pm, 7 Aug 2026A buyer linked to the family behind Ningbo Tuopu Group has acquired a luxury villa in Hong Kong’s Tai Po area for HK$145.6 million (US$18.5 million), adding to signs of fresh mainland Chinese wealth making its way into the city’s high-end residential market.
Wu Xiaoming agreed to buy a home at Villa Lucca, 7 Lucca Avenue, on July 17 under an off-plan agreement for sale and purchase, Land Registry records showed.
The four-bedroom stand-alone garden house has a saleable area of 5,281 sq ft, implying a price of HK$27,571 per square foot.
Wu is a director of Mecca International Holding (Hong Kong), according to Companies Registry records.
The firm was previously headed by Wu Jianshu, chairman of Ningbo Tuopu Group, who was ranked 299th globally on the 2026 Hurun Global Rich List with a fortune of 77 billion yuan (US$11.4 billion), making him the richest man in Ningbo, in China’s eastern province of Zhejiang.
Wu Xiaoming was appointed a director of the Hong Kong company in 2018, replacing Wu Jianshu as the first-named director, records showed.
The transaction adds another link between Ningbo capital and Hong Kong property.
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