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HK builders slash debt, raise cash to buy more land

Developers expect further price falls as government releases more sites for sale

Looking out for more sites: Hong Kong's government is accelerating land sales to boost housing supply by 470,000 units over the next decade. - FILE PHOTO

[HONG KONG] Billionaires including Li Ka-shing and Robert Ng have cut debt at their Hong Kong developers to near-record lows in preparation to buy land as prices fall, a signal the city's real estate gains may be coming to an end. Cheung Kong Holdings brought its net debt-to-equity ratio down to