Huobi Founder Li Lin Invests HK$1 Billion in Lease-to-Own Mont Verra Mansion, Hong Kong
Huobi founder Li Lin has made a big splash in the Hong Kong property market, signing a lease-to-own agreement for Mont Verra, one of the city’s most expensive mansions.
The property, located in the esteemed Kowloon Peak neighborhood has a price tag of HK$1 billion ($128 million). Li Lin will be leasing the property for 90 months (approximately 7.5 years), starting this month. After the lease ends, he would have the right to either extend it for another three months or purchase it for HK$1 billion.
The potential acquisition could set a new Kowloon luxury market record.
It seems to be significant for Li Lin, who sold cryptocurrency exchange Huobi to Justin Sun last year for more than $1 billion. According to the Chinese news media Ming Pao, the announcement is also being viewed as a sign of confidence in the Hong Kong property market, which has been recovering in recent months.
Li Lin’s mansion, part of the prestigious Long Fu Tao Outer Terrace on Kowloon Mid-levels, spans 11,692 square feet and boasts four spacious bedrooms, each with an en-suite. The ground floor hosts a grand guest lounge, a fully-equipped kitchen, a cinema area, and a banquet hall.
The first floor holds four more en-suite bedrooms, a fitness room, and a family lounge. Moreover, the master suite features separate dressing rooms and a study, and the estate’s 15,000-square-foot garden features a controlled greenhouse with a temperature-regulated swimming pool. Also, the mansion includes five compact worker’s quarters, a rarity in luxury properties. Modern amenities like an elevator and private parking elevate its convenience.
Huobi in Hong Kong and Li Lin’s Conflict with Justin Sun
Under Justin Sun’s management, Huobi announced its expansion to Hong Kong. However, Li Lin sued the exchange, alleging that Huobi Global illegitimately used the “Huobi” trademark without consent from X-Spot, Li Lin’s company that holds exclusive rights to the brand.
A court filing revealed that Li Lin sold his stake in the exchange to Justin Sun’s investment firm, About Capital Management. Nonetheless, the ownership transfer agreement stipulated that the original shareholders would retain rights to the company’s trademark, which would not be transferred to the buyers.
Despite the terms, Huobi allegedly ignored the agreement and reused the trademark, which increased the tension. The conflict intensified further when Justin Sun blocked Lin’s brother’s account.
The ongoing dispute between Huobi and Li Lin could hinder the exchange’s expansion to Hong Kong and spread uncertainty. Justin Sun recently shared that he plans to move the exchange’s Asia Headquarters from Singapore to Hong Kong.
Moreover, Huobi was accused of misusing customer funds and engaging in illicit activities.
Investor Adam Cochran claims that Justin Sun is involved in a network of corruption and manipulation within the crypto sphere. Despite Huobi’s denial of these allegations, the repercussions appear evident. The exchange’s liquidity and reputation have both significantly declined, casting a shadow over its future prospects.
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