Pair of Hong Kong luxury homes sells for US$41m as market sizzle increases
Mainland China property tycoon reaps 86 per cent gain on 2010 investment, following another sale in the same project that netted 77 per cent
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A wave of demand from mainland Chinese buyers is restoring liquidity to Hong Kong’s trophy home market, enabling owners who have held onto pricey assets for many years to lock in gains.
Among them, mainland property tycoon Zhao Zhijun sold two adjoining units at 8-12 Peak Road for a combined HK$320 million (US$40.8 million), according to Land Registry records, generating a gain of about 86 per cent compared with the purchase price 16 years ago.
Zhao, chairman of mainland investment firm Niverse, and a related party acquired the eighth-floor units at the development, now known as Infinity, for HK$171.8 million in 2010.
AdvertisementThe sale comes as deep-pocketed buyers make a clear return to Hong Kong’s high-end housing market after several years of decline. In the first three months of the year, 72 homes worth more than HK$100 million were sold across the city’s primary and secondary markets, up more than 157 per cent year-on-year, according to Centaline data.The Infinity sale was signed on April 27 through two companies, Chin Mak and Wai Yi, for HK$165 million and HK$155 million, respectively, or about HK$75,000 per square foot. Company searches show both entities are directed by Zhou Mengfan.
AdvertisementThe project has undergone extensive upgrades in recent years, helping support valuations in the ultra-prime segment.
Edward Lai, chief senior account manager at Midland Realty, said the property’s layout and unusually high ceilings of about 3.8 metres added to its appeal.
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