Developer Paddy Kelly, who has been hit hard by the bursting of the property bubble, has let his Ballsbridge house to the Chinese embassy

Developer Paddy Kelly, who has said he is considering a bankruptcy scheme of arrangement, has let his house on the most exclusive road in the country to the Chinese embassy.

Kelly built Clonmore on Shrewsbury Road, Dublin 4, in the side garden of his former home Clancoole, which he had to sell when he was left facing heavy losses in 1990 after the Lloyd's Names were called in by the bank to underwrite massive losses. He has previously said that becoming a Name in Lloyd's involved two of his biggest mistakes. "I regret it myself, but bringing my wife in was the biggest mistake, because we were both caught."

Kelly has been hit hard by the bursting of the property bubble and told the courts last year that he was considering the scheme of arrangement because his liabilities exceed his assets.

The letting to the Chinese embassy was first reported on the Property Pin website.