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Hong Kong's Peak rises above London, New York

Hong Kong's luxury real estate market is hotter than even New York's and London's.

Thursday, September 15th 2005, 8:39AM

by The Landlord

Prices on the Peak, the top of Hong Kong island, are rising as China's economic growth spawns a generation of buyers looking to rub shoulders with Western executives and the city's richest families. Prices at the Peak start at HK$15 million ($2.7 million) for a two-bedroom, 1200sq ft (111sq m) apartment and exceed HK$200 million for houses.

"The Peak used to be occupied by the old money of Hong Kong," said Eddie Tam, 43, a watch-seller's son who spent more than US$1 million to renovate his 3581sq ft home and fill it with chandeliers, antiques and works by artists such as Zhang Daqian, painter of the world's most expensive Chinese picture. "I definitely belong to a new generation of owners."


Realtor Knight Frank said film star Stephen Chow drew bids of up to HK$120 million, or a record HK$32,400 ($5900) a sq ft, last month for his four-storey Peak home.

London's priciest homes sell for the equivalent of as much as 2000 ($5200) a sq ft, the company said. A New York apartment facing the Hudson River goes for upwards of US$2500 ($3600) a sq ft, says Nicholas Brooke of Professional Property Services, a Hong Kong-based real estate adviser.

Demand this year surged for landed property on the Peak worth HK$40 million or more, said Raymond Fung, a director at Knight Frank Hong Kong.

"Single-house property is so popular because people with money want to live by themselves, preferably with no neighbours, and certainly not with the average folks."

Hong Kong's property prices have risen for more than a year as the economy expanded and the jobless rate fell to a four-year low, rebounding from a slump in 2003 caused by recession and the Sars virus epidemic in the city.

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« Property Investors in a mood to buyJapan land price deflation eases, Tokyo recovers »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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