Hong Kong flat sold for record-breaking $59 million amid recession
At a time when Hong Kong is battling the worst recession in years, a five-bedroom apartment was sold for a record-shattering price of $59 million. The 3,378-square-foot penthouse that is located in the posh Mid-Levels area set a new record for price per square foot at $17,500. The apartment located at 21 Borrett Road has been purchased by an unidentified buyer. The economy of Hong Kong had contracted 6.1 percent last year.