Hong Kong Luxury Market Notches More Eight-Figure Deals

Hong Kong has notched another in a string of luxury condominium sales.

Mainland investor Zhao Zhijun sold two adjoining units at the Infinity development at 8-12 Peak Road for HK$320 million ($40.8 million), notching an 86 percent gain from his 2010 purchase price of HK$171.8 million ($21.9 million), the South China Morning Post reported. The transaction priced the eighth-floor units at HK$165 million ($21 million) and HK$155 million (nearly $19.8 million), or roughly HK$75,000 ($9,574) per square foot.

Hong Kong’s luxury market rebound is being fueled largely by mainland wealth.

In the first quarter, 72 homes priced above HK$100 million (nearly $12.8 million) traded hands, representing a 157 percent jump year over year, according to data cited by the outlet. A report by Savills published earlier this month detailed a similar surge, with mainland buyers accounting for more than half of those deals.

The market’s rebound has included peak deals recorded in the last year.

In August, a new mansion at 1 Gough Hill Road in the ritzy Peak area sold for nearly HK$1.1 billion ($140 million).

A penthouse in the High Peak building at 23 Po Shan Road fetched HK$420 million ($53.7 million) a December sale. The full-floor unit, complete with private pool, rooftop and internal elevator, traded at more than HK$62,000 ($7,915) per square foot, setting a record for the development. The buyer is widely believed to be a mainland Chinese investor.

A combination of product upgrades and pent-up demand is believed to be driving the momentum in Hong Kong’s luxury market. At the same time, limited new supply in the ultra-prime bracket is pushing buyers toward existing inventory.

Hong Kong made headlines in February, when a policy raising stamp duties on homes above HK$100 million (nearly $12.8 million) went into effect, meaning 6.5 percent premiums on qualifying deals. The change so far doesn’t appear to have affected high-end deals despite the sky-high costs: The policy meant the August deal triggered more than HK$27 million ($3.4 million) in taxes alone.

— Chris Malone Méndez

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