A Chinese investor whose holdings have included stakes in WeWork and TikTok parent ByteDance is looking to exit a home on Billionaires Row.
John Zhao, CEO and founder of Beijing-based private equity giant Hony Capital, has listed a three-bedroom condo unit at Central Park Tower for $17.5 million, according to an ad made public Friday.
The 3,400-square-foot corner apartment, which features three and a half baths, a primary suite with a pair of walk-in closets and panoramic views of Central Park, cost Zhao $15.3 million in 2021.
He purchased the unit that year in an all-cash deal from the sponsor of the tower, Gary Barnett’s Extell Development Co., by way of a shell company, Highmax LLC, which names Zhao as a member on the deed, according to the city register.
Zhao would realize a nearly 15% profit if he sold at the current price amid some signs of strength in the high-end residential sector.
Founded by Zhao in 2003 as a subsidiary of Legend Holdings Corp., Beijing-based Hony has locally counted investment bank Goldman Sachs and state employee pension entity New York State Common Retirement Fund among its investors through the years. Hony has $13 billion in assets under management today, according to the company website.
In 2016 Hony and Legend bet $430 million on WeWork when the coworking provider was enjoying a rapid ascent and a valuation of about $17 billion. Zhao, who later took a seat on WeWork’s seven-member board of directors, was reportedly tasked with helping the firm grow its Asian business.
But in 2019 WeWork canceled a highly-anticipated IPO amid concerns about its management and profitability and wound up filing for bankruptcy protection in 2023. The company has since reorganized itself and slimmed down, however, in part by ripping up pricey leases.
Hony is also a longtime investor in ByteDance, which is currently under orders from the federal government to sell TikTok’s U.S. division to quell fears its technology could be used to spy on users. If it does not find a taker by mid-June, TikTok faces a nationwide ban, though President Donald Trump has allowed the social-media offering to continue operating while it courts suitors. Interested buyers reportedly include tech juggernauts Amazon and Oracle.
An email sent to Hony’s press office was not immediately returned. And Peter Wei, a broker with the firm Home Ambassadors who is marketing Zhao’s apartment, also did not return a message by press time.
