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Hong Kong’s infatuation with multimillion-dollar shoebox homes is over as quickly as it began


Of the 1,549 micro-apartments built by 10 developers in Hong Kong since 2016, one in three remained unsold as of this week
The smallest abodes are likely to lead the plunge in property prices in 2019, with declines of up to 30 per cent, according to industry analysts and developers

Asia's mega rich take a hit with US$137b in losses in 2018

HONG KONG: The world’s fastest growing source of mega-wealth hit a speed bump this year.

Wanda Group’s Wang Jianlin, whose property conglomerate is selling assets to cut debt,   lost $10.8 billion, the most of anyone in Asia.

Australia knocks back CKI pipeline bid, citing national security

CANBERRA: CK Group’s A$13bil (US$9.4bil) bid for gas pipeline operator APA Group was knocked back by Australia’s government on national security concerns, a decision that has the potential to further inflame diplomatic tensions with China.

Free holidays, rail passes as Hong Kong developers push sales

HONG KONG: Developers in Hong Kong are offering perks such as free rail tickets and early move-in dates in a further sign one of the world’s hottest property markets may finally be cooling.

Tycoon Li bets big on property market

HONG KONG: Tycoon Victor Li made his first land purchase in Hong Kong since taking the reins of CK Asset Holdings Ltd from his billionaire father Li Ka-shing, splashing out on a development site above a subway station.

Hong Kong’s record US$3.2bil land sale shows rate fear is benign

HONG KONG: Sun Hung Kai Properties Ltd’s record HK$25.2bil (US$3.2bil) purchase of a coveted plot near Hong Kong’s former airport signals that the city’s developers are brushing off concern that expected rate increases will damp the red-hot housing market.

Super high-end: The Kai Tak area in Kowloon has become one of Hong Kong’s hottest property markets, attracting a flock of investors in recent years. — Reuters

Hong Kong tycoon Li Ka-shing steps down, son Victor now holds reins

HONG KONG: Hong Kong’s richest man, Li Ka-shing, held his last meeting with shareholders and handed to his eldest son the keys to his US$35.3bil empire, bringing to a close a rags-to-riches story that made him an icon in the financial hub.

Higher prime rate to end Hong Kong property boom

HONG KONG: Hong Kong property companies such as Sun Hung Kai Properties Ltd and CK Asset Holdings Ltd are bracing for the first increase in the city’s prime rate in more than a decade. A higher prime rate, which sets the upper limits on mortgages, could damp surging housing prices in the world’s least-affordable real estate market.

Stronger footing: A farmer plants banana trees in front of high-rise apartments in Hong Kong. Hong Kong’s property companies are probably better positioned than in the past to weather a prime increase, even if it does cool housing prices. — Reuters

Decades-long apprenticeship of Li Ka-shing's son is finally over

HONG KONG: It’s not easy being the son of a superhuman action hero.

Whispering in dad's ear: Hong Kong tycoon Li Ka-shing, right, chairman of CK Hutchison Holdings company, chats with his son, co-managing directors Victor Li attend a press conference to announce the company's annual results in Hong Kong, Friday, March 16, 2018. Hong Kong billionaire Li said Friday he is retiring as chairman of his sprawling conglomerate and handing control to his eldest son. - AP

How Li Ka-shing became a symbol of Hong Kong

The tycoon’s retirement from the global empire he built from scratch marks the end of an era