Hong Kong officials said Wednesday they will look into the controversial sale of a luxury flat that fell through months after its developer said it had snatched world-record price.

Property giant Henderson Land Development revealed on Tuesday that sales of as many as 20 out of the 24 units at “39 Conduit Road” had been cancelled.

The scrapped deals included what was supposed to be the world’s most expensive apartment, a 6,158-square-foot duplex sold for $56.6 million in October.

New York City’s famed 5th Avenue is no longer the most expensive street to lease a retail store According to a new report from Colliers International.

The average annual rent on Manhattan’s luxury shopping destination fell 10.7 percent from a year earlier to $1,250 a square foot as of March.

In first place now is the Avenue des Champs-Elysees in Paris with a two percent increase to $1,256 a square foot.

Sun Hung Kai Properties, the world’s biggest developer by market value, paid HK$10.9 billion ($1.4 billion) for a residential site at a public auction in HongKong.

At HK$12,540 per square foot, it is the highest price paid in a government auction in urban Hong Kong since the market peaked in 1997.

Luxury home prices may rise 20 percent this year as the economy expands and supply remains limited, real estate broker CB Richard Ellis said in January.

A plot of land in one of Hong Kong‘s most sought-after areas sold for a record 1.82 billion Hong Kong dollars ($233 million USD) at auction Tuesday.

The 4,956-square-metre plot fetched 17 per cent more than the reserve price.

The winning bid was made by Henderson Land Development Company vice-chairman Martin Lee.

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.

Bad times are getting even worse for Hong Kong‘s homemakers with a comparative survey showing it is now harder to own an apartment here than in other major cities of the world.

The report released Wednesday claims that your average Hongkonger has to spend 10 times their annual income to buy an apartment — the worst rating of 272 metropolitan cities around the world which were surveyed.

Iconic luxury chain Peninsula is planning to begin operations in India as part of its global expansion plan, the chain has confirmed.

Clement Kwok, the CEO of Peninsula owner Hongkong & Shanghai Hotels Ltd, told BusinessWeek magazine that the brand would open a maximum of 15 properties globally in the next five to ten years.

Among the new locations, which will include Paris in 2012, will be new hotels in China and India. He declined to say where the Indian location would be situated.