Hong Kong apartment sells for $57 million

October 14, 2009 - Hong Kong

Just hours after Hong Kong's chief executive warned Wednesday that the city might be facing a real estate bubble, one of the city's largest real estate developers announced that it had sold a duplex apartment in Hong Kong for a record price.

The apartment, on the 68th floor of the "Conduit Road 39" building, fetched HK$439 million ($57 million), or HK$88,000 a square foot excluding parts of the building shared by all residents.

The developer, Henderson Land, declined to disclose the buyer's name but said it was a Hong Kong-registered company.

As China's economic recovery has gathered force this autumn, wealthy Chinese are pouring fortunes into Hong Kong real estate, producing a powerful surge in luxury real estate prices.

The apartment, near the top of the skyscraper overlooking Victoria Harbor, measures 6,158 square feet and has a garden of 340 square feet.

The apartment building has its own ballroom, outdoor swimming pool, fitness center and outdoor yoga room.

Henderson said it may ask HK$100,000 per square foot for two penthouses on the 88th floor.

Read the full story @ NYTimes.com - Copyright Photo: Vincent Yu - AP

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