Hong Kong developers are unable to compete with their big-spending mainland Chinese rivals, one of the territory’s wealthiest tycoons has warned, as property prices in the world’s least affordable market surge to ever higher levels.
Lui Che-woo this month lost out in an auction for a Hong Kong site that was acquired by a subsidiary of HNA, the acquisitive mainland conglomerate, at double the price paid for a similar site in 2014.
The site went for HK$13,500 ($1,740) per square foot — similar to the going rate for completed apartments nearby.
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