Expect Hong Kong to witness records in property sales. The blogosphere right now is abuzz with news of a 108 million US dollars worth shop that was purchased in the busiest districts of the city. This one is a 1,212 sqaure foot outlet and is quite a surprise considering the fact the goverment is trying hard to control the soaring property costs before they go out of control.
Math reveals that a square foot of the shop cost the new owner and famous music tycoon Albert Yeung some $90,000. As per real estate agent Lawrence Wong, this is a new record in the city. They are still not sure if it’s the most expensive shop in the world but the speculation is on.
The shop is located in the very popular Tsim Sha Tsui district and houses the Emperor Watch & Jewellery. Yeing’s entertainment circle is responsible for giving contracts to a large number of Cantonese pop stars with a very impressive fan following. The previous property sale record in Hong Kong was set by Yeung’s brother Ricky who paid $58,000 per square foot for a shop in the same area.