Hong Kong house sells for $153 million, the most this year

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HONG KONG (BLOOMBERG) - A new house in Hong Kong was sold for HK$870 million (S$153.56 million), the highest price this year, buoying the city's slowing luxury market.

Co-developers Emperor International Holdings Ltd, C C Land Holdings Ltd, Mingfa Group International Co and CSI Properties Ltd sold the six-bedroom home in new project No. 15 Shouson in Shouson Hill via tender on Sunday (June 26), according to a statement by the companies. The companies didn't identify the buyer.

The house, spanning 8,032sq ft (746sq m) of floor area, has a private garden, swimming pool and parking space.

Located on the southern side of Hong Kong Island, Shouson Hill is one of the city's most exclusive neighbourhoods where some of the richest tycoons including Mr Li Ka-Shing own properties.

The price represents the most expensive home transaction in Hong Kong this year, according to Mr Louis Ho, principal sales director at Centaline Property Agency Ltd.

Transaction volumes for secondary luxury homes in upscale neighbourhoods in the Peak and Southern District dropped 58 per cent in the first half from a year earlier, data from Centaline show.

Social distancing measures taken during the city's worst Covid-19 outbreak and a lack of mainland Chinese capital hindered the market, Mr Ho said in a separate statement.

Meanwhile, global luxury real estate demand remains high even as rising interest rates strain broader housing markets.

Earlier this month, billionaire Larry Ellison bought a US$173 million (S$239.71 million) oceanfront estate in Palm Beach County, setting a record for the most expensive residential sale in Florida.

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