(Bloomberg) -- A mansion in Hong Kong sold for HK$470 million ($60 million), in another sign that lower interest rates and new government measures are helping revive the luxury housing market in the Asian financial hub.
The sale of House 11 at 90 Repulse Bay Road was completed on Friday, according to records on a database kept by EPRC Ltd. The seller had paid HK$490 million for the home in 2018, according to the registry on the developer’s website.
The deal reflects the current state of the luxury market in Hong Kong, as the number of transactions has picked up, though prices remain under pressure. Another mansion sold for HK$845 million last week.
Hong Kong’s property market is slowly recovering from a prolonged downturn as lower borrowing costs and new incentive measures spark demand. Authorities announced last week that residential property transactions of no less than HK$50 million can be counted toward the New Capital Investment Entrant Scheme, where the wealthy can invest at least HK$30 million to gain residency.
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