The home of France’s top diplomat in Hong Kong, located in one of the Chinese territory’s glitziest districts, has sold for 74.5 million US dollars.

Buyer Fortune Asset Management snapped up the 19th-century residence in Hong Kong’s Peak neighbourhood as housing prices continue to soar.

“(The sale) is part of a wider government policy to streamline its real estate holdings abroad,” the consulate said, adding that the sale “was a good deal”.

He said the consulate would buy a new residence that is more ‘modern and practical’ than the current ‘antiquated’ home which requires significant upkeep.

Under the deal, which was signed last Friday, the French diplomat will be allowed to stay in the residence for two more years.

Average home prices in Hong Kong soared about 24 per cent last year, prompting the government to usher in a series of measures including sales of public land to cool the red-hot property market.

Sources: AFP – PropGOluxury