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... If you wish to read this full breaking news headline article, Hong Kong luxury home buyer bails, loses $4.6m deposit, simply click on 'Read full story' below, but 1st please give 'Phuket Hotel Deals' a 'LIKE' or 'SHARE' before you visit 'ASIAN CORRESPONDENT'. Thank you Hong Kong luxury home buyer bails, loses $4.6m deposit


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