Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




POLITICAL ECONOMY
Hong Kong apartment fetches record $61 million
by Staff Writers
Hong Kong (AFP) Aug 24, 2012


A luxury apartment in Hong Kong has sold for a record HK$470 million ($61 million), making it the priciest condominium in the Chinese city and possibly in Asia, reports said Friday.

An unidentified buyer paid the HK$75,806 ($9,773) per-square-foot price for the 6,200-square-feet (576-square-metre) unit at Opus Hong Kong in the upmarket Peak residential area, Hong Kong Economic Journal and Sing Tao Daily said.

The whopping price for the unit, which takes up the entire eighth floor of the 12-storey building, is believed to be Asia's most expensive apartment and the world's second most costly after London's One Hyde Park, Sing Dao Daily said.

The building was designed by the Pritzker Prize-winning architect Frank Gehry.

Developer Swire Properties declined to confirm the deal.

"We have no information to share at this point," spokeswoman May Lam-Kobayashi told AFP.

She added however that tenants recently leased another unit at the property for HK$850,000 a month.

Local media reported that the sale beat the city's previous record price of HK$360 million paid for a unit at another luxury property last year.

"This is definitely a new record price for any Hong Kong apartment," Centaline research head Wong Leung-sing told AFP.

"But we think it's an isolated case as this is an ultra luxury condo," Wong said, adding that it could not be used as a yardstick to gauge investors' appetite for luxury apartments in the Asian financial hub.

Property prices in Hong Kong, famous for its sky-high rent and super-rich tycoons, have surged over the past few years due to record low interest rates and a flood of wealthy buyers from mainland China.

The property market however has seen a slowdown this year, with sentiment hit by the eurozone crisis and plans to boost public housing.

Even so, many residents complain they can no longer afford decent accommodation in the city of seven million people, and analysts say property ownership is out of reach even for the upper middle class.

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
China manufacturing hits nine-month low: HSBC
Beijing (AFP) Aug 23, 2012
China's manufacturing activity fell to a nine-month low in August as firms struggled with global woes, providing further impetus for Beijing to beef up economic stimulus efforts, HSBC said Thursday. Preliminary figures from the British banking giant's closely watched purchasing managers' index (PMI), which gauges nationwide manufacturing activity, hit 47.8 this month, the lowest since Novemb ... read more


POLITICAL ECONOMY
China bridge collapse kills three

Haiti demolishes quake-ruined presidential palace

Record radiation in fish off Japan nuclear plant

Raytheon mobile app allows first responders to use PCs, tablets and smartphones as "virtual radios"

POLITICAL ECONOMY
New catalyst could improve production of glass alternatives

China to expand rare earths reserves: report

Elusive metal discovered

Northwestern scientists create chemical brain

POLITICAL ECONOMY
Sea life 'facing major shock'

U OF A expert pinpoints nutrient behind fresh water algae blooms

Marine species at risk unless drastic protection policies put in place

Women could play key role in correcting crisis in clean drinking water and sanitation crisis

POLITICAL ECONOMY
Greenpeace raids Russian Arctic oil platform

Google online maps embark on Arctic adventure

Man partly to blame for Antarctic ice shelf collapse: study

Arctic cap on course for record melt: US scientists

POLITICAL ECONOMY
Soybeans Susceptible to Man-Made Materials in Soil

Chinese buyer of Burgundy wine chateau identified

Local irrigation systems provide better food security: study

Russia to 'considerably' cut grain exports amid drought

POLITICAL ECONOMY
Typhoon Tembin pounds Taiwan, injuring 5

N. Korea agrees to receive S. Korean flood aid

Heavy rain, floods kill 26 in Pakistan: officials

N. Korea to talk to S. Korean NGOs about flood aid

POLITICAL ECONOMY
U.S. AFRICOM wants more guard partnerships

South Sudan's military chief Paulino Matip dies

Kenyan, Ugandan troops battle al-Shabaab

S.Africa police say mine killings were self-defence; 34 dead

POLITICAL ECONOMY
More sophisticated wiring, not just bigger brain, helped humans evolve beyond chimps

Once again with feeling: Australian science tugs heart-strings

Common parasite may trigger suicide attempts

Brain scans don't lie about age




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement