Finnish agent wins US$30.45 million penthouse listing in Hong Kong

A Finnish national turned a two-week trip to Hong Kong in early 2019 into a new career in luxury real estate. Minna Honkanen, now a senior manager at Landscope Realty overseeing the Hong Kong market, is marketing a penthouse duplex valued at HK$238 million (US$30.45 million).

Minna Honkanen could not have anticipated the seismic events that would grip Hong Kong after she decided to try her luck there in early 2019. Two months after her arrival, unprecedented social unrest engulfed the city, followed immediately by the coronavirus pandemic, which shut borders and restricted travel for more than two years. The Finnish national least imagined she would become a luxury property agent in one of the world's most expensive real estate markets, securing exclusive deals typically reserved for local brokers with a language advantage.

Now a senior manager overseeing the Hong Kong market at Landscope Realty, Honkanen is busy marketing a penthouse duplex worth HK$238 million (US$30.45 million) at The Arch above Kowloon Station. The owners, who have held the property for 10 years, granted Landscope an exclusive listing after four years of regular contact with her by text.

Before finding success in Hong Kong, Honkanen worked in Greece and Portugal, where she joined the sales team of a hotel group. She also had a stint in Thailand before visiting Shanghai at the suggestion of a Chinese friend based in Finland.

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Illustration of President Lee Jae-myung's Seongnam apartment displayed for sale below market price, featuring the president and first lady, for property market stabilization news.
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President Lee Jae-myung puts private home up for sale below market price

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President Lee Jae-myung has put his private home up for sale at a below-market price to help stabilize the property market, Cheong Wa Dae said on February 27. The apartment in Seongnam, south of Seoul, is jointly owned with first lady Kim Hae-kyung and measures 164 square meters, purchased in 1998 for 360 million won. The move aligns with the government's push for multiple-home owners to sell ahead of the end of a temporary capital gains tax suspension in May.

Activity in Hong Kong’s ultra-luxury residential market is picking up, with Swire Properties selling two homes in Deep Water Bay for HK$2.2 billion (US$283 million). The two three-storey units at 6 Deep Water Bay Road have saleable areas of about 9,600 sq ft and 5,300 sq ft, acquired by the same buyer, with transactions set to complete in the first quarter of 2026.

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Investment from mainland China hit a five-year high in the last quarter of 2025, indicating a measured recovery in Hong Kong's commercial property sector. Colliers forecasts a 10% increase in deal values for 2026. Mainland capital accounted for 60% of big-ticket deals in that period.

JPMorgan and Goldman Sachs have joined Morgan Stanley in raising their outlook for Hong Kong's housing market to double digits, as price gains surpass previous expectations. Fresh data reinforcing recovery signs has prompted other banks to lift their 2026 estimates. JPMorgan has increased its 2026 home price growth forecast from 5 per cent to 7 per cent to between 10 per cent and 15 per cent.

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As luxury brands delay major commitments in Hong Kong, newcomers from Asia and Europe are taking advantage of cheaper rents to enter the retail sector, particularly in food and beverage. Taiwanese chain Nap Tea exemplifies this trend, drawing long lines and expanding rapidly despite high costs. Property consultancy Cushman & Wakefield reports more than 90 non-local brands opened in the first three quarters of the year.

Ein Haus in der Banmästargården 48 in Hjärup wurde für 4,2 Millionen Kronen weiterverkauft, ein starker Anstieg gegenüber dem Kaufpreis von 2020. Die neuen Eigentümer sind Anette Margareta Greco und Anders Michael Svensson. Das Objekt, erbaut 1984, weist eine Wohnfläche von 124 Quadratmetern auf.

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A Hong Kong property manager has been sentenced to 18 years in prison for stealing HK$61.1 million (US$7.8 million) from a housing estate over a decade by adding a zero to reimbursement cheques. Wong Wai-lung, 53, admitted to the elaborate fraud and gambled away all the money. The High Court described it as the largest single theft from a Hong Kong residential complex's owners’ corporation to date.

 

 

 

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