Hong Kong paper tycoon Raymond Lee Man Chun, and his wife, Wong Man Yi, made the city's most expensive luxury real estate purchase this year, paying HK$1.45 billion (Dh680 million) for a nine-apartment complex in Repulse Bay.

Mr Lee, the chairman and co-founder of Lee & Man Paper Manufacturing, and his wife, bought the property through their privately owned company Winner Progress Limited, according to the South China Morning Post, citing land registry and company records.

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