(Bloomberg) -- The co-founder of beleaguered crypto hedge fund Three Arrows Capital is seeking to sell one of his luxury homes in Singapore as the company faces liquidation.
Chief Executive Officer Zhu Su has been trying to offload at least one of his so-called good-class bungalows in the past couple of weeks, according to people with knowledge of the matter.
The sale plans mark a turnaround from last year, when Zhu tweeted that he was “thinking about buying all the good-class bungalows in Singapore” to turn them into parks and regenerative farming sites.
Zhu, who is in his mid-30s, and his wife, Tao Yaqiong Evelyn, purchased the two-story, six-bedroom home in the upscale Yarwood neighborhood late last year for S$48.8 million ($35 million) under a trust, public records show. In Singapore, a good-class bungalow is the local equivalent of a mansion.
Zhu didn’t immediately respond to emails seeking comment.
Zhu’s official address is listed at Balmoral Road, an exclusive estate that’s a five-minute drive to Singapore’s famous Orchard Road shopping belt. The couple also owns at least one other good-class bungalow at Dalvey Road, which was purchased under Tao’s name, according to public records.
The sale plans coincide with the stunning downfall of Three Arrows, one of the world’s largest crypto hedge funds, which in March had an estimated $10 billion in assets under management. This week, a British Virgin Islands court ordered the company -- founded by Zhu and former Credit Suisse Group AG trader Kyle Davies -- to liquidate after failing to repay creditors.
Singapore’s central bank on Thursday reprimanded the company for providing false information and exceeding the maximum amount of money it was allowed to manage. It’s also looking into whether there were more breaches by the firm of its rules.
The Yarwood house, sitting on at least 15,000 square feet (1,400 square meters) of land behind a metal gate on a leafy street, is going through some renovation work, according to observations made during a visit by Bloomberg. A new two-story house with a basement, attic and swimming pool is being built on the Dalvey site and construction is expected to be completed next year.
(Updates with description of properties in last paragraph)
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