AN Asian multinational firm with a base in Hong Kong is one of the leading contenders to buy a GBP9 million (about HK$106 million) house in London. Developer John Hunter, managing director of Northacre, said there had been massive interest in the nondescript-looking property in the city's Chelsea area. He was also negotiating with a German buyer and a Hollywood superstar for the sale of the Victorian-style home. Buyers from Hong Kong had shown interest but most failed to follow up. The asking price of $106 million is far more than has been paid for a residential property in Hong Kong, where the luxury market boomed in the first half of this year. In London, many agents believe prices are at rock bottom. ''To someone from Hong Kong, those kind of statistics just don't add up,'' a local analyst said. ''The developer may argue the house is worth the money but that doesn't go down well here.'' But Mr Hunter believed the asking price could be achieved. ''That's the most exciting thing about it. People have come here and realised what a fantastic place it is. I think we will get the price we are asking for.'' The property at No 9 Tregunter Road and another house behind it, No 10 Cathcart Rd, have been redeveloped as one large house with an underground link. From the outside it looks average. From the inside, according to the developers, it is palatial. The house, which was renovated over a three-year period, is far more expensive than neighbouring properties. Neighbours include the Prince of Hanover and Mark Thatcher, son of former British prime minister Margaret Thatcher.