Zhao Zhijun, chairman of mainland investment firm Niverse, together with a related party, on Monday offloaded the two adjoining units at 8-12 Peak Road which he bought for HKD171.8 million in 2010, according to Land Registry data, as cited by the South China Morning Post.
The development has undergone major upgrades in recent years, helping underpin valuations in the ultra-prime segment.
Edward Lai, chief senior account manager at property consultancy Midland Realty, said the unit’s layout and unusually high ceilings of around 3.8 meters enhanced its appeal.
The deal comes amid a clear return of deep-pocketed buyers to Hong Kong’s luxury residential market following several years of downturn.
Infinity development, 8-12 Peak Road, The Peak, Hong Kong. Photo courtesy of Landscope Reality Limited |
In the first quarter, 72 homes valued above HKD100 million were sold across primary and secondary markets, an increase of more than 157% year on year, according to property agency Centaline.
“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 investors who entered Hong Kong’s luxury market after the 2008 financial crisis, when prices corrected sharply. Land Registry records show he first attempted to acquire the units in 2008, though the deal was later terminated.
Separately, Hong Kong comic artist and investor Ma Wing-shing recently sold a unit in the same project for about HKD105 million, securing a gain of roughly 77% after purchasing it in 2009, according to local media.
Official data shows prices for homes measuring at least 100 square meters rose about 0.9% month on month in March, though they remain around 17% below the peak recorded in October 2021.
Lower mortgage rates, rising rental yields, the 70% surge of the Hang Seng Index over the past two years, and the return of mainland Chinese buyers are among key factors the drove up demand, according to lender J. P. Morgan.
The bank also noticed positive changes in the city’s real estate credit. “2025 was a challenging year for Hong Kong real estate credit (…). However, the credit landscape is showing signs of improvement,” it said, adding that the 2026 maturity wall has been significantly reduced to just $2.6 billion, alleviating near-term refinancing pressures and providing developers with more breathing room.
Daryl Ng, chairman at Sino Land, also has an optimistic outlook for the market. “Residential market fundamentals are healthy, with good liquidity in transactions, attractive rental yields for investors,” he said, as quoted by Bloomberg.
But not all investors have fared as well amid a booming market. Property investment firm SEA Holdings is expected to record a loss of about HKD17.2 million after agreeing to sell a house at 1 Shouson Hill Road East for HKD180 million, according to a filing, underscoring ongoing pressure in parts of the high-end market.
Meanwhile, long-established Hong Kong families are also testing market sentiment. The Liu Chong Hing family has recently put 94 Repulse Bay Road up for sale, a property comprising six large units previously valued at about HKD1.1 billion.
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