Melco repossesses Hong Kong flat linked to Suncity debt — sold for $10.3 million after 18-year jail term for Alvin Chau.
Melco flat sale reached $10.3 million ($81.2 million) for the Argenta, 38th-floor Hong Kong unit pledged for Alvin Chau’s Suncity debt. Melco repossessed the property and sold it to Atlas Worldwide Holdings. Price sits 11% below the 2014 purchase.
- Melco Flat Sale: The Price
- Suncity Debt & Repossession
- Alvin Chau’s 18-Year Sentence
- Property Details & Buyer
$10.3M is the final price for a Hong Kong flat repossessed by Melco Resorts (Macau) Limited. The unit, located on the 38th floor of Argenta in Mid-Levels West, was pledged as security for debt linked to Alvin Chau’s former Suncity junket business. Ming Pao reported the sale, with the buyer being Atlas Worldwide Holdings Limited, an overseas-registered firm. The price equals HK$81.2 million and reflects HK$37,214 per square foot.
Melco Flat Sale: The Price
The $10.3 million sale price for the Argenta unit marks a significant transaction in Hong Kong property markets. The flat covers 2,182 square feet and is situated on the 38th floor, a prime Mid-Levels West address. Property platform 28Hse identified Atlas Worldwide Holdings Limited as the final buyer. The price translates to HK$37,214 per square foot, a strong valuation for a high-profile luxury apartment. The sale also represents HK$81.2 million in total proceeds for the repossessed property.
Suncity Debt & Repossession
Melco Resorts (Macau) Limited acted as the lender and mortgagee in this transaction. They repossessed the flat after Suncity Gaming Promotion’s debt fell into arrears. The property was subsequently marketed for HK$95 million ($12.1 million) in 2023 before final sale. Court records confirmed Melco’s role in securing the asset, while Suncity Gaming Promotion served as the borrower. The flat was originally mortgaged to the company, tying the property directly to the failed operations of the entity.
Alvin Chau’s 18-Year Sentence
Alvin Chau, linked to the original Suncity junket operations, is serving an 18-year prison term in Macau. His conviction involved charges of criminal association and illicit gaming, among other offenses. The case reflects the legal consequences faced by executives tied to non-compliant gambling activities. Chau’s incarceration highlights the severe penalties for breaches of the regional gaming regulatory frameworks.
Property Details & Buyer
The Argenta flat, located on the 38th floor of Mid-Levels West, spans 2,182 square feet. It was originally acquired in 2014 by Model Mandy Lieu for HK$91.33 million without any mortgage. Lieu later became the mortgagor in the loan linked to Suncity’s debt. The current buyer is Atlas Worldwide Holdings Limited, an overseas-registered company identified through land registry information. The sale price of HK$10.13 million represents roughly 11% below the original 2014 purchase price.
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Frequently Asked Questions
What is the final price of the Melco repossessed flat?
The flat sold for $10.3 million ($81.2 million). This price was set for the Argenta, 38th floor unit in Hong Kong Mid-Levels West, after Melco repossessed it as security for Suncity debt. The sale was conducted by Atlas Worldwide Holdings Limited.
What is the relationship between the flat and Suncity?
The flat was pledged as security for debt linked to Suncity Gaming Promotion. Melco acted as the lender, repossessing the property after the debt fell into arrears. Alvin Chau, connected to the Suncity operations, is currently serving an 18-year prison sentence.
What is the per square foot price of the flat?
The flat is priced at HK$37,214 per square foot. This valuation applies to the 2,182-square-foot Argenta unit on Hong Kong’s Mid-Levels West, marking a final sale price of $10.3 million.
Who bought the repossessed flat?
Atlas Worldwide Holdings Limited, an overseas-registered company, purchased the flat. The unit originally belonged to Model Mandy Lieu, who was the mortgagor in the debt linked to Suncity Gaming Promotion.
How did Melco repossess the property?
Melco repossessed the flat after Suncity Gaming Promotion’s debt fell into arrears. The property was marketed for HK$95 million ($12.1 million) in 2023 before the final sale to Atlas Worldwide Holdings. Court records confirmed Melco’s status as the lender and mortgagee.
This article has been thoroughly researched and reviewed by the CasinoBait editorial team to ensure accuracy and relevance for Asian casino players.
