‘Richest man in Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore

by Albert02

Richest man in Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore

‘Richest man in Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore.

Two units at the 43-unit Le Nouvel Ardmore, built by Singapore-listed real estate company Wing Tai Holdings, recently sold for $5,800 psf, setting a new high for the opulent condominium created by renowned French architect Jean Nouvel.

A 3,843 square foot property on the 28th floor was sold for an auspicious-sounding $22,288,888 in late June, marking the first transaction at the famed price of $5,800 per square foot. However, no caveat was filed for this transaction. Han Jinghua and his wife purchased the unit in trust, according to a property title search and transfer record. Jiayou International Logistics Co., which has its headquarters in Beijing, is run by Han, a permanent resident (PR) of Singapore. Jiayou International Logistics was established in 2005, and in February of 2018 it was listed on the Shanghai Stock Exchange. A 14.21% interest in Jiayou International Logistics was acquired by Hong Kong-listed Zijin International Trading Co in February of this year.

Han is listed as the 2,610th richest person in China on the most recent Hurun Rich List 2022, according to the Hurun Research Institute, with a net worth of around RMB2.2 billion ($450 million). According to a min.news article on August 1, Han is the only person from Ulanqab, Inner Mongolia, who is listed on the Hurun Rich List, making him “the richest guy in Ulanqab.” Han most certainly paid an additional buyer’s stamp duty (ABSD) of 35% because the flat on the 28th floor of Le Nouvel Ardmore was bought through a trust, or an extra $7.8 million up front. Beginning on May 9, a residential property bought through a trust will be subject to a 35 percent ABSD. However, if the necessary requirements are completed, the trustee may submit an application to Singapore’s Inland Revenue Authority for a refund of the ABSD.

Han has owned residences at Le Nouvel Ardmore before. A caveat filed in March 2017 stated that he had paid $15.175 million ($4,005 psf) for a four-bedroom flat that was 3,789 square feet and located on the 23rd level. Soon after Han made his purchase, the second deal reached the new record price of $5,800 per square foot. According to a caveat filed with URA Realis on July 5, it was for a 3,843 square foot, four-bedroom apartment on the eighth floor that sold for $22.29 million. A title search on the property reveals that the buyer is probably Taiwanese.

Le Nouvel Ardmore, which was completed in 2014, is entirely made up of four-bedroom units. The 33-story tower only has two apartments per floor. Eight duplexes or villas range in size from 4,047 square feet to 5,360 square feet, while the 34 simplexes range in size from 3,789 square feet to 4,273 square feet. There is just one duplex penthouse in the entire development, and it is 13,573 square feet. Su Tongyu, a millionaire and one of the co-founders of Alibaba and Taobao, bought it for $51 million ($3,757 psf) in April 2015.

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