Mainland China property tycoon Zhao Zhijun sold two adjoining units at 8-12 Peak Road in Hong Kong for HK$320 million, or US$40.8 million, on April 10, after buying them in 2010 for HK$171.8 million. The sale delivered an 86% gain on the original investment. [1]
The two eighth-floor flats sit in the Infinity development and were sold through two companies, Chin Mak and Wai Yi, for HK$165 million and HK$155 million, respectively. The deal worked out at about HK$75,000 per square foot. Both companies are directed by Zhou Mengfan. [1]
The units have benefited from upgrades at the Infinity project in recent years, which helped keep ultra-prime prices firm. Edward Lai of Midland Realty said the property’s layout and unusually high ceilings of about 3.8 metres added to its appeal. [1]
The transaction comes as demand from mainland Chinese buyers returns liquidity to Hong Kong’s trophy-home market, giving long-term owners a chance to lock in gains. The market has also been supported by the homes’ location and design features, including the high ceilings that set the flats apart in the luxury segment. [1]
