Cashed-up mainlanders are among the super-rich sending luxury property prices in Hong Kong into the stratosphere, with two apartments in Kowloon on the market for a record-breaking HK$300m.

Sun Hung Kai Properties raised the asking price of two penthouses at the Cullinan by more than 20% to HK$75,000 per square foot as a flood of liquidity from across the border seeks a new home.

But the surging property prices have sparked a warning that the luxury market faces a correction if Beijing tightens its monetary policy and turns off the liquidity tap.

South China Morning Post