Sun Hung Kai Properties, the world’s biggest developer by market value, paid HK$10.9 billion ($1.4 billion) for a residential site at a public auction in HongKong.
At HK$12,540 per square foot, it is the highest price paid in a government auction in urban Hong Kong since the market peaked in 1997.
Luxury home prices may rise 20 percent this year as the economy expands and supply remains limited, real estate broker CB Richard Ellis said in January.
Luxury homes in Hong Kong are defined as those costing at least HK$10 million or bigger than 1,000 square feet (93 square meters).
Source: BusinessWeek – ProgpoLuxury
