Feb
21
Hong Kong Mansion Sells for $107 Million, Less Than Expected
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Five-bedroom villa has pool, garden, elevator and killer views
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Property sold to unknown buyer in just three hours by tender
Wheelock Properties Ltd. sold a luxury home in Hong Kong’s exclusive Peak neighborhood to an unidentified buyer for HK$830 million ($107 million) on Saturday.
While it took Wheelock just three hours to sell the home, the transaction works out to HK$87,784 per square foot, and the price was more than 25 percent less than some analysts were expecting. The sale shows that the downturn in the broader housing market is also causing a chill in the ultra-luxury segment. Prices in Hong Kong have declined 11 percent since September and are expected to fall as much as another 25 percent this year…
Hong Kong Mansion Sells for $107 Million, Less Than Expected
