New house in Hong Kong sells for $111 million, the most this year

A new house in Hong Kong was sold for HK$870 million ($111 million), the highest price this year, buoying the city’s slowing luxury market.

Co-developers Emperor International Holdings Ltd., C C Land Holdings Ltd., Mingfa Group International Co. and CSI Properties Ltd. sold the six-bedroom home in new project No. 15 Shouson in Shouson Hill via tender on Sunday, according to a statement by the companies. The companies didn’t identify the buyer.

The house, spanning 8,032 square feet (746 square meters) of floor area, has a private garden, swimming pool and parking space. Located on the southern side of Hong Kong Island, Shouson Hill is one of the city’s most exclusive neighborhoods where some of the richest tycoons including Li Ka-Shing own properties.

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The price represents the most expensive home transaction in Hong Kong this year, according to Louis Ho, principal sales director at Centaline Property Agency Ltd. 

Transaction volumes for secondary luxury homes in upscale neighborhoods in the Peak and Southern District dropped 58% in the first half from a year earlier, data from Centaline show. Social distancing measures taken during the city’s worst Covid outbreak and a lack of mainland Chinese capital hindered the market, Ho said in a separate statement. 

Meanwhile, global luxury real estate demand remains high even as rising interest rates strain broader housing markets. Earlier this month, billionaire Larry Ellison bought a $173 million oceanfront estate in Palm Beach County, setting a record for the most expensive residential sale in Florida.