Crypto Billionaire Zhu Su Will Sell Bukit Timah’s Bungalow After Company Liquidation – Mothership.SG

0

Follow us on Telegram for the latest updates: https://t.me/mothershipsg

The embattled CEO of cryptocurrency hedge fund Three Arrows Capital is looking to sell his S$48.8 million Good Class Bungalow (GCB) after his company went into liquidation late last month.

The GCB is located on Yarwood Avenue in Bukit Timah and sits on 31,854 square feet of 999-year-old leasehold land, according to The time of the straits (ST).

Bought GCB last year in a trust under the name of his three-year-old son

Zhu, who turned 35 in April 2022, was born in China, moved to the United States when he was six, and has been a citizen of Singapore since 2016, according to Bloomberg.

He did securities end of 2021 after he and his wife, Tao Yaqiong Evelyn, purchased the bungalow from a trust in the name of their three-year-old son.

The purchase of the bungalow was finalized in March 2022, at a price per square foot of S$1,532.

Photo via Google Street View.

Zhu’s wife and son are also citizens of Singapore.

The Yarwood House, according to Bloombergis still under renovation.

An SMS circulating among real estate agents reported by ST indicated that there was a “very urgent sale” for a GCB in Yarwood and that the owners were looking to “sell quickly”.

According STSelling a property within three years of purchase could incur an additional 12% Seller’s Stamp Duty (SSD) which owners must pay.

Zhu currently resides in a condominium on Balmoral Road, which was purchased under Zhu’s name.

The couple also own another GCB in the Dalvey estate, under the name of Tao.

The 15,565 square foot property was purchased in September 2020 for S$28.5 million, according to ST.

Three Arrows Capital files for bankruptcy, reprimanded by MAS

According business time on July 2, Singapore-based Three Arrows Capital filed for bankruptcy protection.

This was after a court in the British Virgin Islands ordered the company to be liquidated at the end of June 2022.

On June 30, the Monetary Authority of Singapore (MAS) reprimand Three Arrows Capital for providing false information to MAS and exceeding the amount of funds it was authorized to manage.

The regulator is investigating whether there have been more breaches by the hedge fund.

Three Arrows was one of the largest hedge funds in the world, according to Bloomberg.

Earlier in March this year, he managed a portfolio of around US$10 billion (S$14 billion).

Cause of fall

The company’s downfall was caused by the crypto crash, which began with the collapse of “algorithmic stablecoin” Terra in May and the failure of crypto bank Celsius in June, The Guardian reported.

Three Arrows Capital (3AC) had been deeply invested in a number of struggling cryptocurrency projects, including Terra, as well as Axie Infinity, a “play to win” game that lost nearly $700 million (977 million) from a 2021 North Korea hack, and BlockFi, a centralized cryptocurrency exchange that laid off hundreds of employees in mid-June.

The company also had large leveraged investments in Bitcoin, Ethereum and other cryptocurrency assets, all of which saw drops of up to 60% in the first half of 2022.

Best photos via Zhu Su/Twitter and Google Street View

Share.

About Author

Comments are closed.