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Chinese businessman to buy the most expensive house in Britain

Chinese businessman is close to buying a mansion in London for £ 210 million. The deal will break the record once set by Russian Forbes list member Andrei Borodin

Chinese real estate magnate Cheng Chun Qiu is close to buying the most expensive mansion in the history of the British real estate market, writes Bloomberg. Bloomberg was informed by his representative that the personal office of the businessman has agreed to buy the mansion in the elite Knightsbridge district of London. The price of the mansion should be £210 million (about $274 million), a source familiar with the terms of the deal told the agency.

The seven-story mansion has 45 rooms and its windows overlook Hyde Park, Bloomberg points out. The house was erected in the 1830s and rebuilt in the 1980s. Former Lebanese Prime Minister Rafik Hariri, who was assassinated in 2005, lived here for some time. The house also served as the London residence of Abdul Aziz Al Saud, who held the Saudi royal throne. A decision has not yet been made on whether the property will be divided into several luxury apartments, Cheng Chun Kyu’s spokesman told the agency. Redeveloping the building and splitting it into apartments could cost £700 million, he added.

The deal to sell the mansion for £210 million would break the record set by former Bank of Moscow president Andrey Borodin #147 . In 2016, the Tverskoy District Court of Moscow arrested his British mansion, which, according to investigators, cost Borodin ₤140 million. Investigators pointed out that the businessman bought the house with funds illegally withdrawn from the Bank of Moscow. “Kommersant” described the house belonging to Borodin as “an estate with two golf courses, a monument and stables.” The Daily Telegraph called Borodin’s mansion the most expensive in Great Britain.

The deal concluded by the Chinese tycoon is expected to become one of the largest in the world market, says Bloomberg. For instance, it would surpass, for $238 million, billionaire Ken Griffin’s purchase of a penthouse in Manhattan (ranked 117th on the global Forbes list).

Cheng Chun-kyu is the founder and head of the board of directors of CC Land Holdings, a Hong Kong-based company that invests mainly in real estate in western China and began operations in the U.K. in 2016. The businessman is best known to the British for his purchase of London’s Leadenhall Building, known as the “Cheese Grater” for its appearance.