The villa was bought for HK$40 million (about US$5.1 million) in 2008 and was sold recently for HK$34 million (about US$4.3 million).
The agent who sold the villa to an unidentified buyer said it was rare to sell property for a loss in that area.
The villa was subject of an ownership dispute with the Zimbabwean government at one time claiming ownership.
The paper said the villa was bought in 2008 by a company called Cross Global, and sold two years later at cost to its sole shareholder Hsieh Ping Sung, a Taiwan-born South African businessman and one-time Mugabe confidant.
Mugabe’s government sued Cross Global and Hsieh in 2014 claiming ownership of the villa saying that the businessman had merely been holding it on trust.
It is not clear whether the ownership wrangle had been resolved or not and if so how.
(740 VIEWS)
This post was last modified on January 8, 2019 9:19 am
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…
Zimbabwe is currently in turmoil after it devalued its five-month old currency, the Zimbabwe Gold…
Zimbabwe today devalued its local currency, the Zimbabwe Gold (ZiG), by 44% to trade at…