‘No cause for alarm,’ development chief says, after HK$2.1 billion Hong Kong house sale sets new record
Chinese tycoon’s purchase in exclusive Peak area won’t affect general public, according to Secretary for Development Paul Chan Mo-po
The city’s development chief told the Post that there was “no cause for alarm” after a Shenzhen property firm owner reportedly bought a 9,212 square-foot luxury house at 15 Gough Hill Road on The Peak In Hong Kong for HK$2.1 billion, a record price for the city and among some of the most expensive houses globally.
“It was a super luxury house, and it won’t affect the general public,” Secretary for Development Paul Chan Mo-po said.
“It was also an individual case. Right now mainland, or non-local buyers, take up only a very small proportion in our property market. It is a low single digit, not even four to five per cent, and sometimes it can be as low as one per cent in a quarter of the year. We will keep monitoring, but there is no cause for alarm at this point,” Chan added.
On May 31, the Rating and Valuation Department’s latest figures showed the general price index for private homes rose 0.7 per cent month on month to 273.1 in April. This was the first recovery after a decline over six consecutive months.
Chan said the increase and the record price at The Peak house did not mean that home prices in Hong Kong were on the rise again.
