Hong Kong flat 'most expensive'

A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for $57m (£35m), thought to be a record price.

The five-bedroom home is believed to be Asia's most expensive property - with each sq foot costing $9,200.

The unidentified new owner bought the property in 39 Conduit Road, one of Hong Kong's most exclusive addresses.

The deal came as the territory's chief executive, Donald Tsang, said he was concerned about a possible property bubble emerging.

The apartment, about 6,000 sq feet (557 sq metres), was sold by Henderson Land Development.

It is on the 68th floor of the building and has views over the harbour. The owner has access to facilities including an aroma spa centre, a fitness room and an outdoor yoga gym.

Thomas Lam, from the company, said the building, offered "a chance to allow the elites in town to enjoy such prestigious property".

Another unit in the same building was sold for $51 million.

WORLD'S MOST EXPENSIVE HOMES
Fleur de Lys, Beverley Hills, US:
$125 million
Dunnellen Hall, Connecticut, US:
$125 million
Updown Court, Surrey, UK:
$110 million
Tranquility, Nevada, US:
$100 million
Eurasia, Moscow, Russia:
$100 million
Source: Forbes.com

In his annual policy address, Mr Tsang said the government was considering making more land available for development.

"The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble," he said.

Property prices in Hong Kong have benefited from mainland China's booming market, however it has one of the world's most expensive property markets - with many locals finding it difficult to buy.

Xavier Wong, head of China research at international property agency Knight Frank, told Bloomberg news: "Most luxury apartments are just like antiques and paintings.

"There's an asset bubble forming; at such a phase in the property market, anything can happen."