Sun Hung Kai imposes HK$1million surcharge to view new luxury Hong Kong homes

Home sellers are usually advised to spend money on marketing homes, but one Hong Kong developer has reversed this age-old wisdom and is requiring prospective buyers deposit nearly US$1 million just to view a luxury complex.

The company’s real estate agents are asking prospective buyers to deposit the 7 million Hong Kong dollars to tour any of the 10 luxury apartments in the complex. Only after the money has been paid will the   prospective buyers will be allowed to tour the apsrtment – but only for a maximum of 90 minutes.

The developers have introduced this charge to ensure that only high-end buyers tour the Sun Hung Kai Properties condos which offer sweeping views of Hong Kong's Victoria Harbor

A Sun Hung Kai spokesperson says the viewing arrangement is ‘not uncommon’ for high-end properties Hong Kong, calling the apartments ‘rare and of high quality’. He also stressed that the amount is refundable.

The Demographia International Housing Affordability Survey rated Hong Kong the world’s least affordable urban center to buy a home for the seventh year in a row.

The city’s apartments cost 18.1 times gross annual median income in the third quarter of 2016 in a study of 406 cities around the world.