2-11-2024 (SINGAPORE) The spouse of Three Arrows Capital’s embattled co-founder has successfully completed the sale of a luxury property in Singapore, navigating through the complexities of asset freezes affecting the couple’s wealth.
Property records accessed by financial analysts reveal that Tao Yaqiong, also known as Evelyn, concluded the S$51 million (US$38.5 million) transaction for her Dalvey Road mansion in July, with the final settlement occurring the following month.
The prestigious residence, classified as a good class bungalow, occupies 1,446 square metres of prime real estate near the Singapore Botanic Gardens. Tao’s investment in the property, which she acquired for S$28.5 million in 2020 and subsequently renovated, has yielded a substantial return despite the current circumstances.
The sale comes against the backdrop of her husband Zhu Su’s dramatic fall from grace in the cryptocurrency sector. Zhu and his business partner Kyle Davies had established Three Arrows Capital (3AC) as one of the industry’s premier crypto hedge funds before its catastrophic collapse in 2022 following a series of ill-fated investments amid broader market turbulence.
The aftermath has been particularly challenging for Zhu, who had previously made headlines with bold declarations about acquiring Singapore’s finest properties. His situation deteriorated further in 2023 when Singapore’s financial authorities imposed a nine-year ban on both founders from engaging in regulated financial activities within the jurisdiction. Zhu also served a brief prison term for non-compliance with liquidation proceedings.
Liquidators Teneo secured a global freeze on assets worth $1.14 billion belonging to both founders and Davies’ wife, citing outstanding creditor claims of approximately $3.3 billion. The freeze encompasses other significant properties, including a S$48.8 million mansion on Yarwood Avenue, jointly held by Zhu and his wife as trustees, and a separate residence on Balmoral Road.
The recent Dalvey Road property transaction identifies the buyer as Chrispianto Karim, a Singaporean national reportedly connected to the Indonesian Karim family, who control the Singapore-based palm oil giant Musim Mas Group.
