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A house on The Peak has sold for HK$800 million, or HK$96,362 per square foot, creating a city record.
The 8,302 square foot house - No 10 Pollock's Path - was built by Ryoden Development and film star Stephen Chow Sing-chi along with three similar houses on the site of the former 'Skyhigh' development.
Skyhigh used to be the residence of former Hongkong Bank chairman Michael Sandberg and Yaohan International chairman Kazuo Wada.  
The three-storey house has a private swimming pool, a garden and a sweeping view of Victoria Harbour. 
The price shattered the previous record by China Overseas Land and Investment's No 6 Stanley Beach Road, which sold in March for HK$328.8 million, or about HK$62,900 per square foot. 
Ryoden Development was not available for comment yesterday. 
Ricky Poon Wai-ki, executive director of residential sales at Colliers International, said the record was not  a reflection of the property market outlook. 'It's just an individual transaction.'
He pointed to the poor response to the auction for a plot on Borrett Road, saying it showed developers had turned cautious. 
Henderson Land Development chairman Lee Shau-kee declined to share his market outlook but said: 'Property prices are unlikely to rise sharply in the near term because of high lending rates on the mainland. The rates have risen to 15 to 30 per cent there and mainland buyers are not aggressively buying Hong Kong property as they were before.' 
Howard Lo, a director at Centaline Property Agency, said the proportion of mainland buyers in the luxury residential market had decreased from 60 to 40 per cent of late.
25%
The proportion of new flats  in Hong Kong bought by mainlanders in the first four months of the year



Peak house sells for record HK$800m