Mainland Chinese buyers turn Mount Nicholson on The Peak in Hong Kong into world’s second-busiest residences for super rich

Mainland Chinese buyers have turned Hong Kong’s wealthy residential enclaves at The Peak into one of the world’s busiest playgrounds for the super rich, based on the number of transactions recorded over the past five years.

There were 35 transactions involving homes with addresses on Mount Nicholson Road worth US$2.86 billion, or an average price of US$81.8 million each, according to data compiled by property consultants Knight Frank. New York’s 57th Street is the most sought-after location with 41 transactions averaging US$38.5 million each.

The ranking is based on transactions worth at least US$25 million each in exclusive residential neighbourhoods worldwide in the five years through June 2019, according to the consultants.

Mount Nicholson Road is home to the some of the most expensive houses and flats in Asia, jointly developed by Wheelock & Co and Nan Fung Development, two of the city’s biggest landlords.

The hilltop enclave has largely burnished its status as a safe haven amid Hong Kong’s political crisis and the worst economic slowdown in a decade, with anti-government protests in the past six months concentrated mostly in suburban neighbourhoods and business districts.

“Achieved prices on Mount Nicholson and The Peak are sustainable,” said David Ji, head of research and consultancy for Greater China at Knight Frank. “Our research has shown that luxury home prices are a lot less sensitive to economic conditions. There is a healthy appetite from super luxury buyers if their desired price level is reached.”