Hong Kong director Stephen Chow waves during an interview to promote his new movie ‘Journey to the West: Dominating the Demons’ in Taipei on January 28,2013 (AFP/Mandy Cheng).
Star and director Stephen Chow has actually supposedly mortgaged his mansion in The Peak, the special and expensive hill-top area in Hong Kong, in the middle of possible financial troubles.
Hong Kong news outlet Apple Daily reported that the 57- year-old bachelor had actually mortgaged his mansion at 12 Pollock’s Path, one of the world’s most costly streets, to JPMorgan Chase Bank in March – throughout the height of the COVID-19 pandemic in Asia. The home loan was signed by Chow’s older sis.
A buyer had actually reportedly approached the Kung Fu Hustle(2004) star to purchase his 5,711 square foot estate with scenic views of Hong Kong at HKD 1.1 billion (US$1419 million) but Chow did not sell.
Read also: Hong Kong security law will not be retroactive: Chinese authorities
The report specifies that this is not Chow’s very first time mortgaging his home. He also did it in 2011 and only reclaimed belongings last year.
While Chow has not verified the report, speculation is swarming that he has been struck severely by the COVID-19 pandemic as the global movie market grinded to a stop.
His previous movie The New King Of Funny, released in 2015, did not carry out along with his previous works – earning just 624 million yuan (US$882 million) in his main market China, far behind The Mermaid(2016), which made 3.39 billion yuan in China.
Media reports in Hong Kong and China also presume that Chow might be mortgaging his home to money his brand-new film as investments have actually run dry due to the fact that of the pandemic.
In 2004, Chow purchased a piece of land – where a well-known mansion Skyhigh when stood – in Pollock’s Path for just HKD 320 million. He dealt with a designer to develop four estates on the site, sold three throughout the years and kept number 12 for himself.
Chow is afflicted by other issues.
Your premium duration will expire in 0 day( s)
close x
Sign up for get endless access Get 50%off now
This post appeared on The Straits Times newspaper website, which is a member of Asia News Network and a media partner of The Jakarta Post
Jakarta Post.
