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A Hong Kong billionaire paid $276 million for London’s most expensive home last year. Now, he plans to spend another $277 million renovating it. Hong Kong billionaire Cheung Chung Kiu obliterated London’s real-estate record by paying roughly $276 million for a 45-room mansion overlooking Hyde Park. Now, he reportedly plans to spend roughly that same amount to renovate it. Cheung has submitted plans to the Westminster City Council for an extensive renovation of the 62,000-square-foot mansion at 2-8A Rutland Gate in Knightsbridge. When Cheung bought the property in January 2020, he was yet to decide whether he would live in the mansion himself or turn the building into apartments. But according to the Rutland Gate renovation website, the property is now intended to be the new owners’ family home in London.