The founder of a top quantitative hedge fund in China bought a villa in Shanghai for 285.5 million yuan ($39 million) in an online auction, scooping up one of the city’s most expensive homes for less than its appraised value.
The winning bid was about 10% lower than the 316.4 million yuan appraised value for the 1,300 square-meter (14,000 square-foot) property in the city’s Pudong District, according to records on Taobao’s auction platform. Shanghai Minghong Investment Management Co. founder Qiu Huiming was the buyer, according to a person familiar with the matter, declining to be identified discussing private information.
Minghong declined to comment. Local newspaper China Securities Journal reported the identity of the buyer earlier.
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