Saturday , October 21 2017

Hong Kong apartment sets Asia price record

epa06152604 The Gongbei Port for immigration and customs checkpoint building sits on the Chinese side of the border with Macau, residential buildings in the background, in Zhuhai, Guangdong Province, China, 19 August 2017 (issued 20 August 2017). Zhuhai, one of China's Special Economic Zone, is located at the western end of the Hong Kong-Macau-Zhuhai Bridge, a series of bridges and tunnels which will connect Hong Kong with Macau and Zhuhai when completed at the end of 2017.  EPA/STR

Bloomberg

A luxury home in Hong Kong set a price record for apartment sales in Asia, even as the government seeks to tame property prices in the world’s least affordable market. The penthouse duplex unit in Henderson Land Development Co.’s 39 Conduit Road project was sold for about $67 million, or HK$105,000 per square foot, the city’s Sing Tao Daily reported on Saturday, citing an unidentified person. Company representatives didn’t immediately reply to an email seeking comment sent outside of business hours.
Hong Kong home prices hit all-time highs this year, shrugging off government restrictions to cool the market as well as concerns that another real-estate crash could deal a heavy blow to the wealth of the city’s 7.4 million people and destabilise its financial system. Centaline Property’s Centa-City Leading Index has climbed 11 percent this year, extending the gain in the last five years to more than 60 percent.
Private home prices in Hong Kong climbed for a 17th straight month in July, according to the latest data released by the Rating and Valuation Department. That is the longest winning streak since 1993.
Luxury home prices in Hong Kong regularly break Asian records. In November, two units in phase two of Wheelock Properties Ltd.’s Mount Nicholson project on Hong Kong’s Victoria Peak were sold at an average per square foot price of HK$104,800, a regional record that was trumped by the latest sale, Sing Tao reported.

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