Mystery buyer forfeits HK$36m after changing mind on prime Hong Kong property
Hong Kong
A MYSTERY buyer has forfeited a HK$36 million (S$6.2 million) deposit after walking away from plans to buy a home in Hong Kong's most prestigious neighbourhood.
The sale fell through just 10 days after the unidentified person agreed to buy the three-bedroom house with swimming pool and private garden in Mount Nicholson on the Peak for HK$722 million, according to a government document.
A house in the same development last year sold for almost HK$1.4 billion, making it Asia's most-expensive property on a per-square-foot basis.
Since then, an almost 15-year bull run that made Hong Kong infamous for having the world's least affordable property market has petered out.
The fallout from the US-China trade war, rising borrowing costs and a volatile stock market have weighed on home prices, which are down 8 per cent from their August peak.
The slump may worsen, with Capital Economics forecasting home prices will fall about 30 per cent over the next five years, including a 15 per cent slump in 2019, according to a note published on Thursday. BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Singapore Q1 industrial rents rise further 1.7%, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction