(Source: Wall Street Journal)

With the boom in Hong Kong’s property market, luxury apartments in the once-unglamorous Kowloon district have suddenly become some of the most expensive properties on the planet, thanks in part to strong interest from mainland Chinese investors.

Two penthouse units at a luxury condominium known as the Cullinan are the most significant sign of the trend. They are on the market at 300 million Hong Kong dollars (US$38.7 million) apiece, or about US$9,675 a square foot. The 4,000-square-foot suites occupy floors 91-93 atop both of the roughly 885-foot-tall Cullinan towers, featuring outdoor swimming pools and sweeping views of Hong Kong’s famous harbor.

Read Jonathan Cheng’s full article “Hong Kong’s Luxury Condos Shimmer” in the Wall Street Journal (September 23, 2009).

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