Hong Kong's luxury real estate market soars in Sep

Oct. 7, 2009 (China Knowledge) - Sales of luxury homes in Hong Kong nearly tripled to 1,351 in September from 500 in the previous month, according to figures released on Monday by the Land Registry.

The total number of residential units sold rose 9.2% month on month to 12,285, reflecting a 102.2% increase over last September's figure.

The market has been boosted by sales to prosperous mainland Chinese buyers lured by low mortgage rates, who industry analysts say are buying between 10% and 40% of the luxury units available.

Last month, 100 units in Celestial Heights, a luxury property of Cheung Kong (Holdings) Ltd<0001>, were put up for sale at prices ranging from HK$15,000 to HK$20,000 per square foot.

Sun Hung Kai Properties<0016>, Hong Kong's largest developer by market value, last month increased the price of the two penthouses in its Cullinan development in Kowloon by 50% to a record HK$75,000 a square foot. The developer earlier announced plans to begin selling units in its ARIA Panorama development in Kowloon Peak early this month.