On Monday, Hong Kong witnessed the sale of the most expensive house for 111 million dollars, in a deal considered the largest in the world China this year.
The house has an area of 740 square meters and is located in one of the richest neighborhoods in the city, which is inhabited by some of the richest businessmen.
The data showed that the volume of transactions for luxury homes in the secondary market in high-end neighborhoods decreased by 58 percent in the first half of this year, compared to the previous year, due to social distancing measures and a decline in capital flowing from China to Hong Kong real estate.
Last May, data from the National Statistics Authority showed that China’s investment in real estate development fell by 2.7% year on year in the first four months of 2022, compared to a 0.7% increase recorded in the first quarter of this year.
The authority stated that the total real estate investment in this period amounted to 3.92 trillion yuan (about 578 billion dollars).
Investment in residential buildings reached 2.95 trillion yuan, down 2.1 percent year on year. Total commercial housing sales in terms of floor area reached 397.68 million square meters in the first four months, down 20.9% year-on-year.