Hong Kong luxury home buyer bails, loses $4.6m deposit

A HOME buyer in Hong Kong has walked out of the purchase of a luxury unit in the city’s most affluent neighbourhood on The Peak, losing some HK$36.09 million (US$4.6 million) in yet another sign of a cooling property market. According to the South China Morning Post, the unnamed buyer cancelled a transaction for the house on Mount Nicholson after agreeing to buy it for HK$721.88 million (US$91million) on Dec 31. “It is definitely not good news for the market,” JLL executive director Joseph Tsang, was quoted as saying. SEE ALSO: Hong Kong hotel could become city’s densest housing estate  “There are stories about buyers walking away from their purchases every day, but this one is more eye-catching.” Situated in Asia’s most expensive address, the house comes with a private garden and swimming pool, and was sold at an eye-watering HK$90,484 (US$11,540) per square foot in December. The price was more than seven percent cheaper than the adjoining house which was sold in April. ... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Hong Kong luxury home buyer bails, loses $4.6m deposit, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Hong Kong luxury home buyer bails, loses $4.6m deposit





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Published By: ASIAN CORRESPONDENT - Friday, 11 January



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