How to Burn $4.6 Million in 10 Days in Hong Kong’s Housing Market
(Bloomberg) -- A mystery buyer has forfeited a HK$36 million ($4.6 million) deposit after walking away from plans to buy a home in Hong Kong's most prestigious neighborhood.
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. Fallout from the U.S.-China trade war, rising borrowing costs and a volatile stock market have weighed on home prices, which are down about 8 percent from their August peak.
The slump may worsen, with Capital Economics forecasting home prices will fall about 30 percent over the next five years, including a 15 percent slump in 2019, according to a note published Thursday.
To contact the reporter on this story: Shawna Kwan in Hong Kong at wkwan35@bloomberg.net
To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe, Russell Ward
©2019 Bloomberg L.P.
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