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Petite Hong Kong store sells at record price

Published on Mar 14, 2014 9:09 PM

HONG KONG (AFP) - A tiny Hong Kong store measuring just 130 sq m has sold for more than US$23 million (S$29 million), as prices reach astronomical levels in a city ranked the most expensive for retailers in the world.

The southern Chinese territory was accorded the title by commercial real estate giant CBRE in February, as prime rents surpassed those of the most exclusive addresses in New York, London and Paris.

The shop, located in Hong Kong's retail heart of Causeway Bay, sold at a rate of HK$1.38 million (S$225,000) per square foot, breaking a previous Hong Kong record of HK$932,000 per square foot, the South China Morning Post reported on Friday.

"Buyers probably think that Hong Kong retail prices are still on the rise," CBRE Executive Director for Retail Services Joe Lin said, adding the buyer may have thought the store was a good investment.

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