Hong Kong real estate tycoon Adrian Cheng has called the bottom of mainland China’s property market crash, saying his New World Development group plans to invest Rmb10bn ($1.46bn) in land over the next year.
Cheng, chief executive of Hong Kong-listed New World Development and heir to the Chow Tai Fook family fortune, is more upbeat than many analysts, who say Chinese property prices in the sector could fall further amid a liquidity crisis and a slowing economy.
“Now is the bottom, and it’s going to slowly recover. See I’m very optimistic that in the next one or two years, it will be recovering very, very well,” Cheng told the Financial Times in an interview. “It’s a good opportunity to start acquiring our war chest, in land and assets.”
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