SMASHING THE PREVIOUS RECORD

for Asia’s most expensive apartment sold per square foot set in February last year, a 4,544 sq ft apartment at the exclusive Mount Nicholson development on The Peak sold for HK$640 million (US$82.2 million), or HK$140,800 per square foot. It was jointly developed by Wheelock Properties, Wharf Holdings and Nan Fung Development. Stewart Leung, chairman of Wheelock Properties Hong Kong, said, “We are optimistic about the future demand and price trends for luxury properties, especially for those offering international quality grades with one-of-a-kind unique and distinctive features and finishes, and exclusive locations.” Meanwhile, in the same week, the average waiting time for a public housing flat here hit 5.9 years, the longest in 22 years, and the city’s poverty rate jumped to a historic high of 1.6 million people, or 23.6 per cent of the population, the highest since an official poverty line was set in 2013, according to official statistics. It’s a city of contrasts, and not always for the best reasons.