$1.3 Million for a Tiny Flat? Another Scorching Weekend for Hong Kong Housing

High demand and a record local price for Sun Hung Kai Properties Ltd. units in Hong Kong at the weekend showed that the property market is yet to cool after Chief Executive Carrie Lam unveiled a vacancy tax. Lam’s tax, announced last month, is another attempt to cool a property market that’s risen more than 50 percent over the past five years, adding to the risk of a sudden bust. The North Point sales show the challenge she faces: 286-square-foot studio apartments selling at HK$10.25 million set a record for the area, according to Midland Realty Services Ltd., and the developer has boosted the prices for the next 36 apartments to go on sale by an average of 10 percent.