Hong Kong Builders Unload Properties to Raise Cash for Land Rush
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Hong Kong developers, exploiting a surge in prices since 2009, are selling shopping malls, offices and parking garages at the fastest pace in at least seven years to raise cash ahead of an increase in government land sales.
Sino Land Co. and Hang Lung Properties Ltd. are among builders divesting commercial property in the past six months. The value of such deals, excluding residential and land sales, more than doubled in the first half from a year earlier to HK$53 billion ($6.8 billion), the highest six-month tally since at least the first half of 2005, according to CBRE Group Inc.