A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for $57m (£35m), thought to be a record price.
The five-bedroom home is believed to be Asia's most expensive property - with each sq foot costing $9,200.
The unidentified new owner bought the property in 39 Conduit Road, one of Hong Kong's most exclusive addresses.
The deal came as the territory's chief executive, Donald Tsang, said he was concerned about a possible property bubble emerging.
The apartment, about 6,000 sq feet, was sold by Henderson Land Development.
It is on the 68th floor of the building and has views over the harbour. The owner has access to facilities including an aroma spa centre, a fitness room and an outdoor yoga gym.
Thomas Lam, from the company, said the building, offered "a chance to allow the elites in town to enjoy such prestigious property".
Another unit in the same building was sold for $51 million.
WORLD'S MOST EXPENSIVE HOMES
Fleur de Lys, Beverley Hills, US: $125 million
Dunnellen Hall, Connecticut, US: $125 million
Updown Court, Surrey, UK: $110 million
Tranquility, Nevada, US: $100 million
Eurasia, Moscow, Russia: $100 million Source: Forbes.com
In his annual policy address, Mr Tsang said the government was considering making more land available for development.
"The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble," he said.
Property prices in Hong Kong have benefited from mainland China's booming market, however it has one of the world's most expensive property markets - with many locals finding it difficult to buy.
Xavier Wong, head of China research at international property agency Knight Frank, told Bloomberg news: "Most luxury apartments are just like antiques and paintings.
"There's an asset bubble forming; at such a phase in the property market, anything can happen."
BBC News. Oct 15, 2009.
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4 comments:
According to the Policy Address by Donald Tsang, the government will not beware of the price of the flats. Many HK people will think that the price of flats will rise higher and higher. Therefore,the owners of the flats will not sell them at once in order to make more profits. Nowadays, more countries generate a lot of banknotes in order to have more money to spend. As a result, inflation problem becomes more and more serious. The expenditure of citizens beome more.
Then they will show discontent to the government. Eventually, vicious cycle is resulted.
I think the price of the apartment will continue to rise as the population in Hong Kong continues to rise and the land in Hong Kong is limited.
I also agree that many Hong Kong people thought the apartment will rise higher so the continue hold the ownership of the apartments, and not only one apartment, is two, three even more than four.
The Hong Kong government really have to think so methods to solve the residential problems. I think reclamation is not a good way to operate more land as it will cause lots problems, like environmental problems and lots of habitats of marine animals.
In this century,inflation is more and more serious, especially in America since the government of America print lots of banknotes. Lots of people accuse the government of printing money.
It is difficult for the government to intervene too much into the market. If it takes any drastic action to "calm down" the current hype, this may affect the stability of the real estate market as the prices may fluctuate. The result is more complaints from the citizens.
First of all , i think the buyer is crazy , i can't believe this prestigious property worth £35m .
Even it is on the 68th and has views over the harbour , but it is far from the citytown .
Besides , i believe that this luxury apartment are just like antiques and paintings . After 10 years or 20 years . You may purchase the other apartment.
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