Chinese developers muscle in on HK
They see the southern territory as a lucrative market
[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.
Fears of a bubble - prices have more than doubled in the Asian financial hub since 2008 - have proven no deterrent, while forecasts from some analysts of a 10 per cent drop in prices this year have fallen on dea…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases