A veteran Hong Kong property investor known for subdividing retail spaces into small leasing units is in critical condition after a fire at a Mid-Levels residential flat that left one woman dead and two others injured.
Read more: Mid-Levels fire leaves one dead and two in critical condition
Wan Pak-kuen, widely known in the city’s property sector as the “King of subdivided malls,” remains in intensive care at Queen Mary Hospital under police guard. He is reported to be in a comatose condition.
Police said suspected drug-taking paraphernalia was recovered from the scene, and investigations are ongoing into possible drug involvement alongside the fire.
Wan built his reputation through the development and fragmentation of commercial properties into small “mini-units” for individual leasing, a model that was widely used in several retail projects across Hong Kong, including developments in Tsim Sha Tsui, Tsuen Wan and Tin Shui Wai.
The latest incident has also drawn renewed attention to a 2020 case in which his then cohabiting partner died after falling from a luxury apartment in Happy Valley. Police later found suspected cocaine and drug-related paraphernalia at the scene. Wan was subsequently arrested and later convicted of possession of dangerous drugs and drug-taking equipment, and received a 15-month probation-style sentence, according to court records.
The apartment was later sold in 2023 for HK$53 million, about 40 percent below its HK$95 million market valuation at the time. He had purchased the property in 2009 for around HK$38.7 million.