Hong Kong House Costs a Record $2 Million a Year to Rent

Hong Kong House Costs a Record $2 Million a Year to Rent
Bloomberg
3/3/2021
Shawna Kwan
© Bloomberg
Buildings are seen from Victoria Peak at dusk in Hong Kong, China, on Wednesday, Aug. 28, 2019.
(Bloomberg) -- Hong Kong’s luxury property market has set another record, as its recovery from the pandemic gathers steam.
Wharf Holdings Ltd. has rented out a luxury house in its 11 Plantation Road project on the Peak for HK$1.35 million ($174,000) a month, it said in a statement late Tuesday. That translates into more than $2 million a year for the unidentified tenant.
The rent is the highest for a home in Hong Kong, according to Louis Ho, principal sales director at Centaline Property Agency Ltd. “Some of these tycoons may not have found their dream house so they tend to rent for a while before an opportunity to buy arises,” said Ho.

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