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Wu Xiaoming, director of Mecca International Holding (Hong Kong), agreed to buy a home at Villa Lucca, 7 Lucca Avenue, on July 17 under an off-plan agreement for sale and purchase, according to Land Registry records, as reported by the South China Morning Post.

The four-bedroom detached garden house has a saleable area of 491 square meters.

Mecca International is a holding company controlled by Wu Jianshu, chairman of Ningbo Tuopu Group, who ranked 299th globally on the 2026 Hurun Global Rich List with a fortune of 77 billion yuan (US$11.4 billion). He was also ranked as the richest man in Ningbo, in China’s eastern province of Zhejiang.

Wu Xiaoming was appointed a director of the Hong Kong company in 2018, replacing Wu Jianshu as the first-named director.

The transaction adds another link between Ningbo capital and Hong Kong’s property market. In June, a Ningbo government-backed innovation platform agreed to buy an office building in Wan Chai for HKD800 million, highlighting growing interest from the mainland city in Hong Kong property as prices remained well below their peaks.

Ningbo Tuopu Group, a major Chinese auto parts manufacturer headquartered in Ningbo and listed in Shanghai, submitted an application to the Hong Kong stock exchange in March to issue shares and list on the main board, according to its filing.

Hong Kong’s luxury residential market showed mixed trends in the second quarter of 2026, with prices continuing to rise despite a moderation in transaction volumes, according to CBRE, as reported by Real Estate Asia.

The Rating and Valuation Department’s luxury residential index for Class E homes showed prices rising about 2% during the quarter and 3.9% year-to-date. The increases marked the 12th consecutive month of price growth, leaving values about 10% above the market trough recorded in March 2025.

Luxury transaction activity softened during the quarter, with total consideration falling 30% to HKD8.76 billion, while the number of deals declined from 70 to 48.

In June, however, several outsized deals were recorded, underscoring the resilience of the trophy-home segment.

A recent purchase at CK Asset’s luxury project 21 Borrett Road also shows that demand remains concentrated among high-end buyers. On August 4, a single buyer acquired two four-bedroom units on the 11th and 12th floors for nearly HKD300 million in total.

The developer said it had recently received more inquiries from buyers looking to purchase multiple units, with some attracted by the project’s privacy and layout.

Midland Realty said Wednesday that improved market sentiment after recent consolidation could encourage more owners to sell and widen their negotiating room, potentially drawing more buyers into the luxury segment.