Chinese developers muscle in on HK
They see the southern territory as a lucrative market
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[HONG KONG] Chinese developers are moving aggressively into Hong Kong, outbidding their cross-border rivals for prime sites as policy uncertainty and falling property prices on the mainland send them scouring for opportunities to invest overseas.
The mainlanders see the southern territory as a lucrative market based on the absolute earnings enjoyed by Hong Kong-listed developers, which have beaten those of companies listed in mainland China over the past decade.
With some bids up to 20 per cent above analysts' forecasts, mainland companies such as state-controlled Poly Property Group Co Ltd are pushing up prices for popular sites in one of the world's most expensive real estate markets.
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