The residence of Zhao Youquan cut more than HKD $40 million

By Yan Lunle (Hongkong Wenwei po) Influenced by peripheral economy, residential transactions keep low and the auction market was also influenced. Huanya auction shop is to issue 5 mansions next week, some of which will start selling under market price at HKD $28.8 million to HKD $63 million. The legacy of Zhao Youquan was even sold at a premium price of HKD $140.8 million, a decrease by HKD $ 14.5 million at 15%. The legacy of Zhao Youquan, the invisible man of wealth was sold via auction market in recent years. Past record has shown that this property was sold at a high price in the beginning and remained high despite of minor adjustment. But with the changing mood of recent residential market, the price is forced to be reduced by a large amount. HKD $5.3 million cut to Baguio Villa　 The auctioned units include Estoril Court in Midlevels Central district and Baguio Villa in Pok Fu Lam. According to webpage of the auction company, the unit on the 4th floor, 45th building of Baguio Villa was reduced most from HKD $ 31.5 to HKD $26.8 with a 14.9% and a price of HKD $9,974 per square foot. Another two units are Room D on the 5th floor, second building of Estoril Court and Room E in the 15th floor of the 3rd build. They both cover 3,347 square feet with original price at HKD $5,100 and $ 6,300 respectively. The prices were reduced by HKD $5.3 million and $2.5 million, or 9..4% and 3.8% respectively. Chen Hanqi of Centaline says those prices were near to market price. Other deluxe mansion include Room C in the building 51 and building 52 of Park Avenue with 2,256 square feet. The price is HKD $28.8 million, or HKD $12,766 per square foot. 50 and 51 Lung Ha Road of 4,200 square feet is to be rented at HKD $ 36.8 million or HKD $8,762 per square foot. It has increased by over HKD $33.3 million compared to the year 1987, almost 10 percent increase. Current data show that residential market is cutting price at the influence of a weak buying mood.

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