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Hong Kong has been rocked by protests and a scourge that is about to close the city around the world but high-end businesses are booming, boosted by local businesses.
Two-bedroom apartments were sold this week by Wheelock, home billionaire Peter Woo, at the city’s famous Peak for HK $ 1.2bn (US $ 154m), putting Asian history at a price on the big foot. The sale followed another agreement with property group Wharf Holdings to lease a luxury home for HK $ 1.35m a month, another city report.
The exchange of land comes despite Hong Kong facing a number of challenges that have raised questions about its prospects as a world economic center.
Beijing paused the city to follow pro-democracy protests in 2019 by enacting a strong national security law to reduce inequality.
These changes, in line with the global epidemic restrictions, which are to be implemented within three weeks for anyone traveling to the city, have caused many people to evacuate. Hong Kong recorded a 1.2 percent drop in population for the first half of this year, the third consecutive fall for six months after a decade-long growth.
But house prices have skyrocketed due to a long-term shortage of land, which has led homeowners to reserve land and policy errors.
Henderson Land, a real estate agency headed by Lee Shau Kee, one of Asia’s richest men, said this month it would spend HK $ 63bn on a 50-year history of building a waterfront in central Hong Kong.
“Considering the challenges Hong Kong has faced in the past two years, from US-China conflicts, turmoil, to the epidemic, however the housing market has become very clear and we continue to see what is happening. Being ink at the very end,” said Simon Smith. of Asia-Pacific research in Savills, a real estate company. “The market here always looks like bullet proof.”
Nelson Wong, a senior Chinese researcher at JLL Hong Kong, a real estate company, said the decline in housing has reduced population growth.
“The need for housing is not being fully met with the outside world,” he said.
Wong added that the number of residential areas beyond HK $ 100m was much larger than in 2018.
The identity of the Peak home buyer has not been disclosed, but Smith said the high-end market is growing with offshore investors. Most of them have businesses across the border in southern China but want to stay in Hong Kong.
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