Pair of Hong Kong luxury homes sells for HK$320 mil as market sizzle increases

Peggy Ye

/ South China Morning Post

April 29, 2026 6:44 PM SGT

propertyeditor@edgeprop.sg

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Two adjoining units at 8-12 Peak Road changed hands for a combined HK$320 million ($52.2 million) [Photo: SCMP/Jonathan Wong]

Mainland China property tycoon reaps 86% gain on 2010 investment, following another sale in the same project that netted 77%

A wave of demand from mainland Chinese buyers is restoring liquidity to Hong Kong’s trophy home market, enabling owners who have held onto pricey assets for many years to lock in gains.

Among them, mainland property tycoon Zhao Zhijun sold two adjoining units at 8-12 Peak Road for a combined HK$320 million ($52.2 million), according to Land Registry records, generating a gain of about 86% compared with the purchase price 16 years ago.

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Zhao, chairman of mainland investment firm Niverse, and a related party acquired the eighth-floor units at the development, now known as Infinity, for HK$171.8 million in 2010.

The sale comes as deep-pocketed buyers make a clear return to Hong Kong’s high-end housing market after several years of decline. In the first three months of the year, 72 homes worth more than HK$100 million were sold across the city’s primary and secondary markets, up more than 157% year-on-year, according to Centaline data.

The Infinity sale was signed on April 27 through two companies, Chin Mak and Wai Yi, for HK$165 million and HK$155 million, respectively, or about HK$75,000 psf. Company searches show both entities are directed by Zhou Mengfan. The project has undergone extensive upgrades in recent years, helping support valuations in the ultra-prime segment.

Edward Lai, chief senior account manager at Midland Realty, said the property’s layout and unusually high ceilings of about 3.8m added to its appeal.

A comparable unit is currently listed at about HK$180 million, or roughly HK$87,300 psf, Lai added.

Experienced luxury property investors saw this as an advantageous time to make moves in the market, as they could get good prices for existing assets and then put that money into properties that they identified as having plenty of room to appreciate, Lai said.

Zhao was among a wave of buyers who entered Hong Kong’s luxury market after the 2008 financial crisis, when prices corrected sharply. Land Registry records showed Zhao first attempted to acquire the units in 2008, but the transaction was later terminated.

Hong Kong comic artist and investor Ma Wing-shing recently sold a unit in the same development for about HK$105 million, generating a gain of roughly 77% after buying it in 2009, according to local media reports.

Ma did not immediately respond to a request for comment.

Prices for homes of at least 1,076 sq ft rose about 0.9% month on month in March, according to official data. The level remains about 17% below the peak in October 2021.

However, not all investors have benefitted. SEA Holdings is expected to book a loss of about HK$17.2 million after agreeing to sell a house at 1 Shouson Hill Road East for HK$180 million, according to a filing, highlighting continued pressure in parts of the luxury market.

Meanwhile, long-established Hong Kong families are also testing sentiment. The Liu Chong Hing family recently put on sale 94 Repulse Bay Road, which comprises six large units previously valued at about HK$1.1 billion.

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Pair of Hong Kong luxury homes sells for HK$320 mil as market sizzle increases

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