Police on Monday said they have arrested a 27-year-old man after finding more than 200 kilogrammes of cocaine in a flat in Tuen Mun.
Officers said the haul has a street value of HK$175 million.
The arrest was made in Lok Ma Chau on Saturday and officers said the suspect is due to appear in court on Tuesday morning.
At a press briefing, Chief Inspector Charm Yiu-kwong said the flat where the drugs were found had recently been rented out.
"We would like to make an appeal here, especially to large property owners. If they notice potential tenants who seem extremely eager to rent these units or even request renting immediately after a quick look around, they should be extra cautious and pay attention to their backgrounds," he said.