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Nisha Gopalan

Hong Kong's One-Way Bet

The Pearl River Delta has overtaken Tokyo to become the world's largest urban area.

Logic, it seems, has little to do with Hong Kong real estate.

Last week, billionaire Li Ka-shing made his first bet on the city's residential property market in years, agreeing to pay HK$1.95 billion ($251 million) for a site in the New Territories. At the same time, he's selling The Center, a 73-story tower valued at HK$35 billion, and continuing apace with investments in Europe.