Hong Kong may be in its worst recession in years but its luxury property market is still thriving after a five-bedroom apartment broke records with its $59 million price tag. While there have been more expensive properties sold in Hong Kong, the 3,378-square-foot penthouse in the affluent Mid-Levels neighbourhood set a new benchmark for price per square foot at $17,500. The HK$459.4 million sale, reported by local media yesterday and recorded in the development's register of transactions, illustrates the stark inequality in Hong Kong. The price paid by the unidentified buyer for the property at 21 Borrett Road -- a newly built luxury apartment tower -- beat the previous price per square foot record set in 2017. A 2019 report by real estate firm CBRE ranked Hong Kong as the most expensive city for residential property, with an average price of $2,091 per square foot.  It listed the average property price in Hong Kong as $1.2 million -- far above second-placed Singapore at $874,372.