HK mansion sells for US$107mil

Alibaba Executive Chairman Jack Ma attends the opening ceremony of the second annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China, December 16, 2015. REUTERS/Aly Song

HONG KONG: Wheelock Properties Ltd sold a luxury home in Hong Kong’s exclusive Peak neighborhood to an unidentified buyer for a lower-than-expected price tag of HK$830mil (US$107mil) on Saturday.

While it took Wheelock just three hours to sell the home, the transaction works out to HK$87,784 per sq ft, more than 25% lower than estimates by some analysts.