New | Swire Pacific release last two units at super deluxe Opus Hong Kong for sale

The passion for Hong Kong’s super deluxe homes by mainland Chinese has not disappeared despite their purchases being stalled by rising stamp duties.

Louis Ho, a director at Stately Home, a luxury residential department under Centaline Property Agency saw many mainland buyers who become Hong Kong residents remain active in the market.

“They are no different from local rich families as they have accumulated substantial wealth after doing business in Hong Kong for more than a decade. They know Hong Kong very well. As developers offering luxury homes at less aggressive prices, they hope to take this opportunity to look for top quality properties,” he said.

One case in point was a majority shareholder of Hong Kong-listed China South City Holdings who was revealed as the buyer for the HK$387 million apartment on the 5th floor of Opus Hong Kong in the Mid-Levels section of the city.

Chen Hong Tian and Chen Li Ni Yao, who both jointly hold a 12.53 per cent stake in China South City, were the buyers for the 5,154 square-foot unit, according to the Land Registry.

The couple bought the apartment early September and the price tag translates into HK$75,087 per square foot.

Chen cannot be reached for comment.