Hong Kong — An unidentified buyer paid HK$132,000 ($17,000) per square foot for a luxury flat in Hong Kong’s exclusive Peak neighbourhood, making it Asia’s most expensive apartment by area, according to Knight Frank. The buyer shelled out more than HK$1.16bn Monday for two adjacent apartments at No8 Mount Nicholson, Wheelock Properties said. The record was set by the smaller of the two, which sold for HK$560m. The project is a joint venture with Nan Fung Development. Hong Kong’s property market is running red hot across land, commercial and residential buildings. Soaring home prices have put the city at risk of a bubble as local and foreign investors pile in, making a "mild correction" likely, according to the UBS global real estate bubble index. Secondary residential prices have climbed 11% in the past 12 months, according to Centaline Property Agency. "For many high net-worth individuals, Mount Nicholson is a way to invest," said Thomas Lam, head of valuation and consultancy at Kn...
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