Cashed-up mainlanders are among the super-rich sending luxury property prices in Hong Kong into the stratosphere, with two apartments in Kowloon on the market for a record-breaking HK$300 million.
Sun Hung Kai Properties raised the asking price of two penthouses at the Cullinan by more than 20 per cent to HK$75,000 per square foot as a flood of liquidity from across the border seeks a new home.
But the surging property prices have sparked a warning that the luxury market faces a correction if Beijing tightens its monetary policy and turns off the liquidity tap.
A sale of the Cullinan apartments at that price would make them the most expensive in the world, according to Victor Lui Ting, an executive director of Sun Hung Kai Real Estate Agency.
Interested parties included investors from the mainland and wealthy buyers from Hong Kong and overseas, Lui said. Prospective buyers were either interested in the apartments for investment or for their own or clients' use.
The 270-metre twin towers at the newly completed Cullinan are the tallest residential development in Hong Kong.