What global crisis?
In Hong Kong a 580-square-meter, five-bedroom duplex suite has been sold in spite of a price tag that would make even New Yorkers and Londoners gasp: Nearly 57 million USD for an outsized luxury apartment in one of the city's wealthiest neighborhoods.
According to Henderson Land Development, the developer of the apartment and a major Hong Kong property company, the deal was made with an unidentified buyer from mainland China. Henderson Land Development claims the apartment is the most expensive in Asia, measured by price per square meter.
Aside from an aroma spa centre, a fitness room, an outdoor yoga gym and grand harbor views, the new homeowner will enjoy an exclusive address in the hills of Hong Kong's main island - "a majestic realm for the city's who's who", according to a statement from the developer.
The deal comes at a time when Hong Kong real estate, benefiting from mainland China's booming market and easy money sloshing through the world financial system, is surging and inspiring talk of a bubble.
The city has long had one of the world's most expensive property markets, with prices that many local residents are hard pressed to afford. According to local government data, about 47% of Hong Kong's population now lives in publicly subsidized housing.
Full story in English
News category: China
Published on this site: Oct. 14, 2009
Source: smh.com.au