Hong Kong Property Tycoons Take $6.7 Billion Hit on China Fears
- Lee, Cheng, Li & Kwok families see value of holdings tumble
- Concern grows that developers need to provide cheaper housing
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The families behind Hong Kong’s four top property giants saw $6.7 billion wiped off the value of their assets on Monday as investors headed for the exit, fearful that Beijing will order housing price controls.
Property developers led the losses on the benchmark Hang Seng Index on Monday with the so-called Big Four owned by the city’s most powerful tycoons suffering some of the biggest declines. Contagion fears from the liquidity crisis at China Evergrande Group added to the selling pressure.