Exclusive|Mongolian buyer snaps up US$31.5 million Hong Kong home with retirement in view

The family behind one of Mongolia’s largest mining conglomerates has bought a detached house in Hong Kong’s upmarket Southern district for HK$247 million (US$31.5 million), with the buyer intending to use it as a “retirement residence”. Land Registry records showed Tisara Holdings, whose director is Tselmuun Nyamtaishir, signed a provisional agreement on January 29 to acquire House 5 in One Stanley at 128 Wong Ma Kok Road. Nyamtaishir is the president and CEO of Mongolyn Alt (MAK), a conglomerate founded in 1993 by her father, Byambaa Nyamtaishir. She also serves as a non-executive board member of XacBank, a Mongolian banking and financial services company. Nyamtaishir told the South China Morning Post in an email that the property was purchased as a private family residence. “The founders of MAK are now over 70 years of age, and the home is intended as a retirement residence for personal and family use,” she said. “It is not connected to the company’s operations, financing or business activities.” MAK is among Mongolia’s largest coal exporters and was one of the first Mongolian companies to ship coal to China. The group has partnered with Chinese firms including Qinghua Group and Huawei Technologies, and is developing infrastructure at the Shiveekhuren border port to expand export capacity. One Stanley, developed by K&K Property, comprises 43 blocks, offering a total of 82 units. It has attracted wealthy local and overseas buyers seeking privacy, exclusivity and sea views. At roughly HK$52,900 per square foot, the transaction was about 2.4 per cent lower than the project’s record of HK$54,180 per square foot achieved in October, when another detached house changed hands for HK$256 million. A recent increase in the number of luxury transactions comes amid a broader recovery in Hong Kong’s residential segment. In the last quarter of 2025, 81 transactions worth US$1.56 billion were recorded for properties valued at more than US$10 million, according to Knight Frank’s latest report. It was the most since early 2021 and second globally after Dubai, the report added. Mainland purchasers bought about HK$16 billion worth of homes on The Peak and in the Southern district – two low-density, ultra-wealthy neighbourhoods – in 2025, accounting for most of the ultra-high-end transactions in the city. Primary transactions priced above HK$100 million continue to rise this year. In January, 26 such deals worth HK$5.3 billion were recorded, up 70 per cent in volume and 50 per cent in value from a month earlier, according to Centaline Property. Compared with just three transactions worth about HK$460 million in the same month last year, that represented a sevenfold increase in volume and a tenfold jump in value, making January the best month ever for luxury home sales in Hong Kong, according to Centaline. The property agency expected the number of primary transactions priced above HK$100 million to reach 50 in the first quarter of 2026, potentially setting another new high. “New developments continue to sell very well, while second-hand luxury stock remains extremely limited,” said Alan Li, an agent at luxury real estate-focused Habitat Property. “The majority of buyers are mainland Chinese, along with local and some foreign purchasers, keeping brokers exceptionally busy,” Li added.