HK developers snag plum sites
Aided by mainland capital curbs, they have lately outbid their mainland rivals to prime commercial sites
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RECENT mainland capital controls and Hong Kong's lending curbs have enabled cash-rich local developers to snag coveted commercial sites ahead of their mainland rivals, who have been dominating the city's real estate deals in the last year.
Hong Kong developers eager to outbid their competition drove the last two commercial tenders to record-breaking winning bids in the past three weeks. Both winning bids came after the Hong Kong Monetary Authority ordered banks to cut their loans to developers from 50 per cent to 40 per cent of a site's value; the move on May 12 further inhibits mainland developers, who are already hamstrung by capital controls back home.
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