Johnny Yim failed a breathalyser test at the scene of the crash near Happy Valley Racecourse at around 11pm.
A police source told the SCMP that Yim was around three times above the legal alcohol limit when his red F430 F1 Ferrari crossed into the opposite lane of Wong Nai Chung Road and hit a taxi before mounting the pavement and coming to a stop as it rammed into a traffic sign.
The sports car, which was purchased by Yim’s company Super Keen Limited for HKD2.93 million in 2008, is very badly damaged, while the taxi lost a bumper.
The taxi driver complained of neck pain and was taken to hospital, where he is said to be in a stable condition.
Yim has been released on bail but asked to report back to police in a month’s time. He was not available for comment when approached by the SCMP.
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