One of Hong Kong’s richest tycoons has paid about US$233 million for a property in the Peak area, confounding hopes of a cool-down in the real estate market.
Henderson Land Development (恆基地產) chairman Lee Shau-kee (李兆基) paid HK$68,229 (US$8,750) per square foot (0.09m²) for the site in the Peak’s Barker Road at a public auction, said real-estate services firm Jones Lang LaSalle, which organized the sale on Tuesday.
The 82-year-old’s son, Martin Lee (李家誠), made light of the price tag for the site in one of Hong Kong’s most exclusive neighborhoods.
PHOTO: AFP
“The price is reasonable but it is not something bought for money,” he was quoted as saying by the South China Morning Post.
“Even if you are willing to spend a fortune, you may not be able to get something you fancy. We will build three or four two-to-three story houses for our family to live in,” he said.
In February, Forbes listed Lee Shau-kee as Hong Kong’s second-richest person, with a net worth of US$19 billion, behind Cheung Kong Holdings (長江實業) chief Li Ka-shing (李嘉誠).
Henderson Land set an Asian record in October last year when it sold a duplex in the territory for HK$71,280 per square foot.
The latest sale comes a week after Hong Kong said efforts to cool the territory’s property market showed signs of working, following a lackluster response to a sale of land near the airport.
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