Luxury is in style in . The rich are spending money - in this case the fabulously savvy and wealthy Lee family (of land fame) which just spent HK$68,000 per square foot for a Peak site, which the family apparently intends to develop into 3 private homes.

Luxury is in style in Hong Kong. The rich are spending money - in this case the fabulously savvy and wealthy Lee family (of Henderson land fame) which just spent HK$68,000 (US$9,178) per square foot for a Peak site, which the family apparently intends to develop into 3 private homes.

The price was above market expectations and a record high for a Hong Kong auction of luxury residential land, according to auctioneers Jones Lang LaSalle.

Hong Kong residents watch land prices carefully as a barometer of the market, especially when high-profile companies and individuals participate in auctions.

The sale came one week after the government sold a suburban plot of land zoned for high-density housing at auction for a lacklustre HK$3.42 billion, a price widely interpreted as a sign that the city's red-hot property market may be cooling in response to tough talk by the government and a flurry of measures including restrictions on large mortgages.

Read the original story in the Wall Street Journal.