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Hong Kong luxury home buyer bails, loses $4.6m deposit

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A HOME buyer in Hong Kong has walked out of the purchase of a luxury unit in the city’s most affluent neighbourhood on The Peak, losing some HK$36.09 million (US$4.6 million) in yet another sign of a cooling property market.

According to the South China Morning Post, the unnamed buyer cancelled a transaction for the house on Mount Nicholson after agreeing to buy it for HK$721.88 million (US$91million) on Dec 31.

“It is definitely not good news for the market,” JLL executive director Joseph Tsang, was quoted as saying.


© Asian Correspondent