對于中國大陸每一位有頭有臉的億萬富翁來說，在香港找到一棟合適的別墅是一件令人苦惱的事情。這塊曾經的英屬殖民地小的可憐，而與億萬富翁身份相匹配的豪宅庫存并未能跟上中國大陸超級富有買家的增長步伐。中國的二馬——阿里巴巴董事局主席馬云和騰訊首席執行官馬化騰——則通過不同的方式來應對這一挑戰。

在購置房產方面，馬云的做法一向都是直截了當。2007年，在阿里巴巴250億美元美國首次公開募股三周之后，馬云斥資3800萬美元在香港半山區購置了一間7000平方英尺的5臥豪華公寓，每平方英尺價格約為5400美元，創下了當時的亞洲記錄。

但這似乎只是馬云在香港的過渡房。2015年，香港《南華早報》披露馬云購買了白加道22號別墅，后者是太平山山頂頂級房產之一，而這一標志性的地段自香港殖民時期以來便一直是香港精英的居住地。早報稱，馬云以驚人的1.93億美元購買了這座占地9900平方英尺的4層大宅，每平方英尺價格約合1.95萬美元，也讓這棟別墅成為了香港每平方英尺單價最高的住宅。

盡管香港民眾普遍認為白加道22號別墅的買家是馬云，但馬云本人對《南華早報》有關他是買家的報道拒絕置評。（數個月后，阿里巴巴以2.66億美元收購了《南華早報》。）。這棟鋼筋混凝土結構的別墅有著70年的歷史，曾是比利時總領事的住所。馬云的買入價幾乎是前任房主、前港交所首席執行官袁天凡在2000年買入時的9倍。

這棟別墅擁有2萬平方英尺的私人花園，可飽覽絕佳的維多利亞港美景。但這棟別墅到6月中旬便畫上了句號：施工人員拆掉了地基以上的建筑，想必是要進行重建吧。

馬化騰在2014年豪擲5700萬美元在位于港島南側的淺水灣購買了一棟別墅。但他最中意的莫過于石澳的住宅，位于香港山巒疊嶂的東南半島，其獨特的環境比太平山頂有過之而無不及。盡管離中環的摩天大廈僅有40分鐘的車程，但石澳給人一種不食人間煙火的感覺。半島的大部分地區都是受保護的國家公園，覆蓋著茂密的叢林。這一地區因其沙灘、陡峭的石壁懸崖以及起伏的“龍背”徒步旅行路線上壯麗的海景而聞名。

IT’S A TASK that vexes every self-respecting billionaire from China’s mainland: finding a suitable mansion in Hong Kong. The former British colony is a small place, and the stock of billionaire-worthy residences hasn’t kept pace with the exploding ranks of mega-rich mainland buyers. The two Mas, Alibaba executive chairman Jack Ma and Tencent CEO Pony Ma, have risen to the challenge in different ways.

Jack’s approach to the problem has been straightforward. In 2007, three weeks after Alibaba’s $25 billion IPO, he shelled out $38 million for the five-bedroom, 7,000-square foot penthouse of a luxury development in Hong Kong’s Mid-Levels district. The purchase worked out about $5,400 per square foot, a record for Asia at the time.

But that appears to have been Jack’s Hong Kong starter home. In 2015 Hong Kong’s South China Morning Post identified Jack as the buyer of 22 Barker Road, a prime property atop Victoria Peak, the iconic neighborhood that has been home to Hong Kong’s elite since the colonial era. The Post said Jack had purchased a 9,900-square foot, four-story house for a jaw-dropping $193 million, or about $19,500 per square foot, which at the time made the structure Hong Kong’s most expensive residence per square foot.

Although 22 Barker Road is widely assumed in Hong Kong to the house that Jack bought, Jack himself has declined comment on the Post’s report that he was the buyer. (A few months later Alibaba Group bought the Post for $266 million.). The house was a 70-year-old concrete fortress that once served as residence of the Belgian consul general: It sold nearly nine times what the previous owner, former chief executive of the Hong Kong stock exchange Francis Yuen, paid for it in 2000.

The property comes with a 20,000-square foot private garden and killer view of Victoria Harbor. As of mid-June, that’s about all it came with: Workers had razed the house to the foundations, presumably as a prelude to a rebuilding project.

Pony paid $57 million in 2014 for a house in Repulse Bay on the island’s south side. But his trophy purchase is in Shek O, Hong Kong’s rugged southeastern peninsula, in a neighborhood that is even more exclusive than the Peak. Though only a 40-minute drive from the skyscrapers of Central, Shek O feels worlds away. Most of the peninsula is a protected country park covered in dense jungle. The district is famed for its beaches, craggy rock cliffs, and the spectacular ocean vistas from its undulating “Dragon’s Back” hiking trail.

觀賞馬化騰大浪灣道13號豪宅的最佳地點便位于這條徒步路線上。然而，這棟別墅只是分布于一座高爾夫球場周邊的20套豪宅之一。這個高爾夫球場是石澳鄉村俱樂部的一部分，后者由英國的大商行創立，仍被認為是香港最難進的私人俱樂部。這些豪宅的所有者均是香港商界最具權勢的人物。

《南華早報》2004年的一篇文章稱，要想擁有石澳別墅，“光有財富還不夠”。新房東必須得到Shek O Development董事會的支持。這家神秘的私營公司是鄉村俱樂部的所有者，而且自上個世紀30年代以來便一直租賃用于修建豪華別墅的地塊。由Shek O Development控制的地塊上的房屋必須是“歐式的”，而且在獲得該機構允許之前不能出售、翻修，甚至是噴涂不同顏色的油漆。

馬化騰于2009年從香港航運大亨手中買下了石澳地產，耗資6100萬美元，并獲得了重新開發的許可，改造后的面積是最初面積（8000平方英尺）的兩倍多。分析人士估計，裝修完成后，這座房產的價值將是原來的4倍。

這處豪宅唯一的缺點是，開發公司的規定可能會讓它很難轉售。亞太置業有限公司副董事布魯斯·李指出，馬化騰的豪宅在賬面上可能比馬云的更大、更值錢，但如果賣家得不到石澳股東的批準，一切都是空談。不過，馬化騰在石澳置業可能意味著他準備長期留在香港。（財富中文網）

本文的一個版本出現在《財富》2018年7月1日刊，標題為《二馬香港之爭：房產誰更豪》。

譯者：Pessy

審校：夏林

That trail affords the best view of Pony’s property, 13 Big Wave Bay Road, one of about 20 grand mansions that surround a golf course at the peninsula’s southern tip. The golf course is part of the Shek O Country Club, founded by the great British trading houses and still considered Hong Kong’s most exclusive private club. The mansions belong to some of Hong Kong’s most powerful business leaders.

According to 2004 article in the South China Morning Post “wealth is not the sole requirement” for occupying a Shek O mansion. New residents must win the blessing of the board of Shek O Development, the secretive private company that owns the country club and, since the 1930s, has leased the land on which the luxury properties are built. Houses on land controlled by Shek O Development are required to be of “European type,” and cannot be sold, renovated or even painted a different color without the entity’s permission.

Pony purchased the Shek O property from a Hong Kong shipping tycoon in 2009. He paid $61 million, and won approval to redevelop and more than double the size of the 8,000–square foot house. Analysts estimate that when the renovation is complete, his property will have quadrupled in value.

The only drawback: The development company’s rules could make it hard to sell. Pony’s property may be bigger and worth more on paper than Jack’s, notes Bruce Li, associate director at real-estate and relocation company Asia Pacific Properties, but “if a seller can’t get approval from the Shek O shareholders, all that means nothing.” Indeed, Pony’s presence there may suggest he’s in Hong Kong for the long haul.

A version of this article appears in the July 1, 2018 issue of Fortune with the headline “Ma vs. Ma in Hong Kong: a Luxury Real Estate Rivalry.”