A wealthy Chinese buyer has snapped up a luxury Hong Kong apartment for $57 million, thought to be a record price. The five-bedroom home is believed to be Asia`s most expensive property — with each square foot costing $9,200. The unidentified new owner bought the property in 39 Conduit Road, one of Hong Kong`s most exclusive areas. The deal came as Donald Tsang, the territory`s chief executive, said he was concerned about a possible property bubble emerging.

The apartment, about 6,000 square feet, was sold by Henderson Land Development. It is located on the 68th floor of the building and has views over the harbour. The owner has access to facilities including an aroma spa centre, a fitness room and an outdoor yoga gym. Thomas Lam, of the selling company, said the building, offered "a chance to allow the elites in town to enjoy such prestigious property". Another unit in the same building was sold for $51 million.

In his annual policy address, Tsang said the government was considering making more land available for development. "The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble," he said.

Property prices in Hong Kong have benefited from mainland China`s booming market; however, it has one of the world`s most expensive property markets - with many locals finding it difficult to buy. Xavier Wong, head of China research at international property

agency, Knight Frank, reasoned that most luxury apartments are just like antiques and paintings. "There is an asset bubble forming; at such a phase in the property market, anything can happen", Wong said.