RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong

Home prices hit new highs in 2017

A 1,606 square-foot unit at Kai Tak sold for $48.19m.

According to South China Morning Post, Hong Kong’s residential property sector appears to be defying the government’s best efforts to cool the market, as home prices continue to hit new highs. China Overseas Land & Investment said a 1,606 square-foot unit at Kai Tak, site of the city’s former airport, sold for HK$48.19 million, or HK$30,011 per square foot, through tender on Monday.

“It is a record price in our project and it reflects strong demand for such unit size,” said Tony Yau, a director and general manager at China Overseas Property, a subsidiary of China Overseas Holdings.

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