Peak price of $75m for French consul's home in Hong Kong

June 07, 2011 - The Peak

Paris authorities cash in on the red hot market by selling official residence - and then renting it back.

The French government made a "good deal" in Hong Kong's red hot property market last week, selling its official residence on the Peak for HK$580 million ($74.5 million), their consul-general in Hong Kong and Macau said.

But Arnaud Barthelemy denied it was property speculation, saying it was part of Paris's worldwide review of their real estate assets.

"The French government is not a speculator, for sure," he said. "But if we can make a good deal, there's no reason why we shouldn't be as smart as many other people in Hong Kong."

Barthelemy said the French government sold the property on 8 Pollock's Path to Ryoden Development on June 3 and rented it back for two years at a monthly rate of HK$250,000.

The 11,222-square foot property was sold at an average of HK$51,684 per square foot, making it one of the most expensive sales in the world.

The building sits at the top of the Peak and was made a grade II historic building last year.

Property prices in Hong Kong are among the world's highest and the value of luxury homes in the city has rocketed in the past two years, fueled by demand from wealthy buyers from mainland China.

Via SCMP

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