Hong Kong - Luxury-home deals triple on mainland buyers

Luxury-home sales in Hong Kong almost tripled in September from a month earlier as mainland Chinese residents bought properties in the city. The registered sales of homes worth more than HK$10m (US$1.3m) rose to 1,351 from 500. In September 2008, 168 transactions were completed. A one-bedroom apartment in the Kowloon district sold for a record HK$24.5m. Luxury-home prices in Hong Kong climbed as much as 28% in the first nine months as low mortgage costs encouraged buyers. Prices may rise by as much as 10% in the next 6 to 12 months. (Bloomberg)