Potential buyers must deposit $1 million to view a Hong Kong condo complex
Global Property Team
04 December 2017
Home sellers are usually advised to spend money on marketing homes. But
one Hong Kong developer has reversed this age-old wisdom and is
requiring prospective buyers to deposit nearly US$1 million just to
view a luxury condominium complex.
The amount is refundable, but will ensure that only high-end buyers
tour the Sun Hung Kai Properties condos which offer sweeping views of
Hong Kong's Victoria Harbor. The company’s real estate agents are
asking prospective buyers to deposit 7 million Hong Kong dollars
(US$900,000) to tour any of the 10 luxury apartments in the complex.
A Sun Hung Kai spokesperson has claimed that the viewing arrangement is
"not uncommon" for high-end properties Hong Kong, calling the
apartments "rare and of high quality.”
After depositing 7 million Hong Kong dollars, prospective buyers will
be allowed to tour a model apartment in the complex for a maximum of 90
minutes, according to reports. The buyer will have to purchase at least
two units in the complex and may have to enter a bidding war if there
are more offers than the units available for sale.
The Demographia International Housing Affordability Survey rated Hong
Kong the world’s least affordable urban center to buy a home for the
seventh year in a row. The city’s apartments cost 18.1 times gross
annual median income in the third quarter of 2016 in a study of 406
cities around the world.
top contents chapter previous