Chinese buyer rewrites Hong Kong record books with US$755 million for Shouson Hill luxury site
Agents believes super luxury homes on the site will easily fetch upwards of HK$135,000 per sq ft, nearly 60pc more than the HK$85,927 per sq ft paid by the buyer
Chinese companies’ appetite for Hong Kong property shows no signs of abating, with a luxury development near Deep Water Bay selling for a record HK$5.93 billion (US$755.4 million), the largest single transaction by value in the residential market, according to Land Registry data released on Thursday.
“It is a record in the private residential site sales market in terms of consideration,” said Cathie Chung, national director of research at JLL, adding that the deal for 39 Shouson Hill Road has smashed the previous HK$5.1 billion set during the sale of HoTung Gardens on The Peak in 2015.
“It is a rare site to find on the market – like a collectible,” she said.
In an uncanny coincidence, the names of the three directors of the buyer, Charm Glory Resources, match that of the officials of Hong Kong-listed China Resources Land.
It is a rare site to find on the market – like a collectible
Charm Glory’s Tang Yong is the vice-chairman, while Xie Ji and Yu Jian are executive directors at China Resources Land.