Martin Lee, the youngest son of Hong Kong real estate tycoon Lee Shau-kee , paid HK$1.82 billion ($233 million) for a site in the city’s most expensive residential area, signaling luxury home demand is withstanding government measures to avert a bubble.
Martin Lee, a son of property billionaire Lee Shau-kee, bought a site on Hong Kong’s Peak and said it was for family use. The auctioneer, Joseph Tsang, said the price was HK$68,200 ($8,747) per square foot.
Leung Chun-ying, the property surveyor who was a surprise choice to be Hong Kong’s new leader, takes office July 1 facing immediate demands to narrow a record wealth gap and come up with plans for universal suffrage.
A Henderson Land Development Co. subsidiary bought a Hong Kong building site for HK$1.33 billion ($170 million) in the second auction this year to miss surveyors’ estimates as the government moves to ease concern about a property bubble.