Hang Seng Bank COO Vivien Chiu Wai-man buys a luxury flat in Happy Valley for HK$40 million. The 1,651 sq ft flat in Beverly Hill sets a record price of HK$24,228 per sq ft. Chiu is the second top official from the bank to acquire upscale property in Hong Kong recently.

Former Hang Seng Bank CEO Diana Ferreira Cesar also purchased a luxury flat in Tai Hang for HK$26.6 million. Residential property prices in Hong Kong have been on the rise, reflecting a rebound in the market. Home sales increased by 6.7% in September.

US Federal Reserve’s rate cut led to a reduction in prime lending rates in Hong Kong. Hang Seng Bank executives purchasing upscale property highlights the improving property market in the city. Luxury home prices reached their highest this year in August.

Emperor Entertainment Hotel former CEO Yu Wing Cheuk Winchel buys a four-bedroom unit at MVP in Mid-Levels for HK$49.27 million. Lower interest rates are attracting cash-rich buyers to the luxury property market. The surge in incoming buyers is fueled by equity windfalls and attractive property values.

Read more at Yahoo Finance: COO of Hong Kong’s Hang Seng Bank pays US$5.14 million for luxury flat in Happy Valley