Co-founder of the hedge fund Three Arrows Capital (3AC) Su Zhu is selling a mansion in Singapore for $35 million. This drew attentionDovey Wan, managing partner of Primitive Ventures.
Zhu and his wife Tao Yaqiong purchased a mansion on Yarwood Avenue in Singapore in December 2021 for SGD 48.8 million ($35 million), according to the Singapore Land Office.
In March 2022, the couple handed over the house to their three-year-old child in trust.
The 31,000 square foot facility was built in 1990. Known as Good Class Bungalows, these luxurious detached houses are designed for Singapore's elite.
In addition, the property of wife Joothere is a house on Dalvey Road in Singapore worth 28.5 million Singapore dollars ($20.4 million). The building is currently undergoing renovations. The couple also own property at the Goodwood Grand on Balmoral Road worth SGD 6.25 million (approximately $4.5 million).
Local media reports that the global recession has led toto lower prices for luxury bungalows. However, it is noted that the owners of such houses «sell real estate only if the price meets their expectations».
Recall that in June, against the background of the collapse of the cryptocurrencymarket there were rumors about the insolvency of Three Arrows Capital. Trading company 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.
Crypto broker Voyager Digital sent 3AC a notice of default due to non-payment of a loan.
The Court of the British Virgin Islands ruledliquidate the hedge fund, and the Monetary Authority of Singapore reprimanded 3AC for providing false information and exceeding the allowed threshold of assets under management.
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