A tiny Hong Kong shop measuring just 12 square metres has sold for more than $26 million as prices reach astronomical levels in a city ranked the most expensive for retailers in the world.
The southern Chinese territory was accorded the title by commercial real estate giant CBRE in February, as prime rents surpassed those of the most exclusive addresses in New York, London and Paris.
The store, located in Hong Kong's retail heart of Causeway Bay, sold at a rate of over $200,000 per square foot, the South China Morning Post reported.
CBRE Executive Director for Retail Services Joe Linsaid the buyer may have thought the store was a good investment, because high numbers of mainland Chinese tourists viisiting the city will "keep the rent at a very high level".
He said the ground-level shop, whose current tenant sells electronic appliances, was bought at such a high price because of its prime location.
Lined with luxury stores, the area is near major shopping malls and attracts a large number of locals and mainland Chinese tourists.
Government figures show visitors from mainland China accounted for 75 per cent of the city's tourist arrivals in 2013.
