On October 24th, market news showed that former Alibaba Chairman and CEO Zhang Yong purchased a 2084 square foot residential unit in Zhulin Garden, Mid Levels, Hong Kong for HKD 53.54 million, with the seller being Hisense Development.
According to the announcement by Hisense, Zhang Yong is currently an independent non-executive director of the company and has paid a 5% deposit. The purchase and sale agreement is scheduled to be signed before November 7th.
The buyer is Verdant Peak Investment Limited, a limited liability company registered in the British Virgin Islands, wholly owned by Mr. Zhang Yong.
As of the end of June 2025, the target property is valued at HKD 34.313 million, with a net rental income of HKD 1.018 million after tax last year, a year-on-year increase of 51%, and currently vacant.
The announcement shows that Zhulin Garden is a residential project developed by Hysan Group, located in a prime location on Kennedy Road in Mid Levels, Hong Kong. The project consists of 6 residential buildings, with a total of 345 residential units and 436 parking spaces. Zhulin Garden is held by Hisense Group for leasing purposes. Starting from August 2025, Hysan Group has phased in the sale of residential units (which are part of the two residential buildings in Zhulin Garden) and some parking spaces. This project is part of Hysan Group's capital circulation plan, aimed at achieving three major goals: (i) optimizing Hysan Group's capital structure through deleveraging; (ii) Release the value of mature non core residential assets; And (iii) redeploy capital to the company's strategic focus areas.
According to the information, on December 9, 2024, Hisense Industrial announced the appointment of Zhang Yong as an independent non-executive director and member of the board committee.
Zhang Yong is the managing partner of Chenyi Fund and has been appointed as the CEO of Alibaba Group since May 2015. He also served as the Chairman of Alibaba Group's Board of Directors from September 2019 until his resignation in September 2023.
