Hong Kong developers are currently benefitting from the strong demand for luxury properties, with flats going as high as HK$75,000 ($9,640) per square foot, according to a report by the Financial Times.

One of the world's largest developers in terms of market value, Sun Hung Kai Properties, is reportedly trying to sell three luxury apartments in its twin-tower high rise for HK$300 million each, or HK$50 million more than its value before the global crisis hit.

The paper quoted real estate consultant CBRE Research as having said that Sun Hung stands to break the June 2008 property price record of HK$56,773 per square foot for a 5,000 square foot house if it succeeds in its current sale project, which involves some 4,000 square feet per unit.

These valuations are not a surprise in the Hong Kong property shopping market, however, says the publication, because investing in luxury properties is a passion of many high net worth investors in the region. In fact, figures from property advisor DTZ show that despite the financial crisis prices have still increased by 26 per cent from their pre-crisis peak.

The report also noted that majority of the buyers of Hong Kong's luxurious properties come from mainland China. Sino Land, another major developer in Hong Kong, reportedly revealed that half of the ten apartments it sold in the past week were taken up by mainland-based buyers.

Sino Land also told the publication that it is planning to set up viewing tours for other well heeled investors from Shenzen and Guangzhou in the upcoming Chinese holiday in October to further its sales.