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Hong Kong's Property Market Gets a 'Reality Check'

  • Record Murray Road sale fueled expectations, according to Lee
  • Hysan chairman expects property market ‘adjustment’ not crash
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Hysan's Lee: Bricks and Mortar Stores Are Not Dead

The scrapped sale of The Excelsior hotel in Causeway Bay may have been a “reality check” in a heated Hong Kong property market, according to Irene Lee, chairman of Hysan Development Co.

“We didn’t get it -- or we didn’t bid,” Lee said in a Bloomberg Television interview Wednesday, refusing to confirm local media reports that her firm had been among those vying for the hotel on Lot No. 1, the first land auctioned in Hong Kong in 1841.