Personal Finance
Billion-Dollar HK Luxury Tower Highlights Developer Distress
- Logan, KWG could lose HK luxury project if they don’t pay debt
- Chinese developers struggle to sell units at The Corniche
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The Corniche was supposed to generate HK$30 billion ($3.8 billion) in sales after the developers bought the land overlooking the South China Sea for a record price.
Six years later, the project sits between a sewage treatment facility and a driving school, bearing little resemblance to the French Riviera its name evokes. The nearby shopping mall — converted from an industrial building — sells discounted clothes and furniture.