Hong Kong’s Battered Property Market Lures Chinese State Buyers
- Government-owned enterprises are scooping up malls and offices
- Cheap prices and political support for city spur investments
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As Hong Kong’s commercial property slump drags on, Chinese state money has emerged as one of the few pillars of support.
Chinese firms have become active buyers in the city’s flailing real estate market, snapping up shopping malls and offices as local and international investors pull back. While deal sizes are smaller than during Hong Kong’s heyday six years ago, the purchases underscore the financial hub’s ever-increasing reliance on Chinese money.