The family behind one of Mongolia’s largest mining conglomerates has bought a detached house in Hong Kong’s upmarket Southern district for HK$247 million (US$31.5 million), with the buyer intending to use it as a “retirement residence”.

Land Registry records showed Tisara Holdings, whose director is Tselmuun Nyamtaishir, signed a provisional agreement on January 29 to acquire House 5 in One Stanley at 128 Wong Ma Kok Road.

Nyamtaishir is the president and CEO of Mongolyn Alt (MAK), a conglomerate founded in 1993 by her father, Byambaa Nyamtaishir. She also serves as a non-executive board member of XacBank, a Mongolian banking and financial services company.

Nyamtaishir told the South China Morning Post in an email that the property was purchased as a private family residence. “The founders of MAK are now over 70 years of age, and the home is intended as a retirement residence for personal and family use,” she said. “It is not connected to the company’s operations, financing or business activities.”

MAK is among Mongolia’s largest coal exporters and was one of the first Mongolian companies to ship coal to China. The group has partnered with Chinese firms including Qinghua Group and Huawei Technologies, and is developing infrastructure at the Shiveekhuren border port to expand export capacity.

One Stanley, developed by K&K Property, comprises 43 blocks, offering a total of 82 units. It has attracted wealthy local and overseas buyers seeking privacy, exclusivity and sea views.