Sold Out Project Marks Turnaround for Hong Kong’s Developers

It looked like a challenge even for Hong Kong’s biggest property developer: selling thousands of homes in a new town next to a remote country park at a time when the market was struggling to recover.

But batch after batch of homes at Sun Hung Kai Properties Ltd.’s Sierra Sea project have sold out within hours in recent weeks. That has generated more than HK$9 billion ($1.2 billion) of revenue for the developer, which sold more than 1,400 homes over the past month.