Hong Kong Property Market Sets New Records Despite Moves to Tame Prices
- Existing home prices hit all-time high, defying leaders’ curbs
- Two Chinese companies pay $2.2 billion for seafront site
Residential and commercial buildings stand illuminated at night in Hong Kong, China on Friday, Nov. 27, 2015. Secondary private residential property prices dropped 3.9 percent since peaking in September, according to an index published by broker Centaline Property Agency Ltd.
Photographer: David Paul Morris/BloombergHong Kong’s property market is setting new records, quashing attempts by the city’s leaders to tame surging home prices.
Existing home prices reached an all-time high in the week ended Feb. 19, according to the Centaline Property Centa-City Leading Index, which tracks sales of secondary homes. In another sign of buyer demand, two Chinese companies bid a record HK$16.9 billion ($2.2 billion) for a piece of waterfront land zoned for residential development.