The deal, which was announced on February 9, set a new record for the highest price-per-square-foot paid for a government-owned residential site in Hong Kong, according to the South China Morning Post. The price comes out to about $6,451 per square foot.
Victoria Peak, known as the Peak, is one of Hong Kong's most exclusive and expensive residential areas. The secluded neighborhood overlooking Hong Kong is home to financiers, business tycoons, celebrities, and billionaires.
The Peak is famous for its astronomical real-estate deals. In 2016, real-estate developer Chen Hongtian paid $270 million for a 9,212-square-foot mansion at 15 Gough Hill Road. In January 2017, iPhone screen manufacturing billionaire Yeung Kin-man paid $361 million for a 51,000-square-foot mansion on Pollock's Path. CY Leung, Hong Kong's chief executive from 2012 to 2017, lives in the neighborhood. And Alibaba founder Jack Ma was rumored to have bought a $191 million mansion in the Peak in 2015, but it's never been confirmed.