A Hong Kong developer has paid $3bn for an old five-storey car park, the latest indicator of the frenzied state of the territory’s property market.
The sale was the first in the premier Central district since Hong Kong was handed over to China by the UK in 1997. It sets the world’s most expensive city even further apart from international rivals such as New York and London.
Local developer Henderson Land bought a site covering 31,000 square feet, paying HK$50,064 ($6,400) per square foot based on its potential gross footage, once redeveloped. It was a record lump sum for Hong Kong and a record also per square foot.
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