Chinese tycoon to develop €585m private home in London

Chinese billionaire Cheung Chung-kiu, chairman of C C Land, Y.T. Realty and Yugang International, has been granted planning permission by the Westminster council to construct an eight-story, 5,760-square-meter (62,000-square-foot) private palace overlooking Hyde Park, central London, reported local media outlets. Total costs are estimated to be £500 million (€585 million/$688 million), making it one of Britain’s most expensive private homes.

The building, which was originally constructed as four family homes in the 1860s, was bought by the Hong Kong–based property developer for £205 million (€240 million/$282 million) this year.