Homebuyers from mainland China continue to drive demand in Hong Kong’s luxury property market, while local investors offload units at discounted prices.
A mainland buyer acquired a 6,071 sq ft detached unit in Pokfulam 138, a luxury project developed by Ryoden Development in Pok Fu Lam, for HK$300 million (US$38.5 million) last week, according to Land Registry records. The price translates to about HK$50,000 per square foot.
The buyer, Qiu Jianlin, is the chairman of Zhejiang Hengyi Group, which specialises in petrochemicals and chemical fibre raw materials, according to local media reports.
Mainland buyers were underpinning demand for luxury property in the city, according to Martin Wong, senior director and head of research and consultancy for Greater China at Knight Frank.
“Despite the tariff situation, market momentum this year is relatively better than 2024,” he said. “Interest rates have been falling gradually, leading to more purchasing power.”
