Illuminated buildings are seen from Victoria Peak at dusk in Hong Kong, China, on Friday, Jan. 22, 2016.Photo by Billy H.C. Kwok/Bloomberg

A luxury mansion sells for US$107 million after a discount of more than 30%

A Chinese billionaire snapped up the luxury property in Hong Kong, seizing an opportunity amid city’s real estate downturn

by · National Post

(Bloomberg) — A Chinese billionaire snapped up a luxury property on Hong Kong’s Victoria Peak for a discount of more than 30%, seizing an opportunity amid the city’s unprecedented real estate downturn.

The mansion at 25-26 A&B, Lugard Road was sold for HK$838 million ($107 million – all values in USD), according to Savills Plc, which brokered the deal. That compares with an asking price of HK$1.3 billion as of October.

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