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HK billionaires acquire bargain properties in China

Hong Kong developers are exploiting a recession in mainland China's property market to acquire properties at bargain prices as their counterparts battle a credit crisis. Among them is New World Development, one of the city's leading developers. The firm is betting big on the Greater Bay Area. Chief executive officer Adrian Cheng said China's implementation of the so-called three red lines - metrics introduced to curb borrowing among its developers - has presented an opportunity. Philip Tse, director and head of Hong Kong and China property research at Bocom International Holdings, said Hong Kong players are likely to be interested in commercial property projects in first- and second-tier Chinese cities.


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