Former minister buys HK$34m Mid-Levels flat despite urging homebuyers to exercise caution
Before stepping down in June, Chan Ka-keung said home prices were getting out of reach for ordinary buyers
Chan Ka-keung, former Secretary for Financial Services and the Treasury, who only six months ago urged homebuyers to be judicious with their investments in the world’s most expensive housing market, disregarded his own advice and has gone ahead and bought a 1,404 sq ft luxury flat in Mid-Levels.
Chan paid HK$33.93 million (US$4.3 million), or HK$24,166 per square foot for the flat in Amber Garden, according to Land Registry data.
He confirmed the deal on Wednesday, saying “it is for self-use”.
The average price is HK$24,573 per square foot at the 36-year-old Amber Garden, according to figures available on the Centaline Property Agency website.
In his last media briefing before stepping down as minister in June, Chan said that home prices have risen to a level beyond general affordability. “A correction in residential price will come once interest rates are increased a couple of times and supply of flats rises.”
Chan, 60, since then has been focusing on fintech related research and study in an effort to encourage more youngsters to innovate and develop technologies that will help banks, brokers and insurance companies to do business and provide better services more securely and at a cheaper cost.