Hong Kong developers rebuild cash hoard to prepare for new opportunities amid biggest market correction in four years

//Hong Kong developers rebuild cash hoard to prepare for new opportunities amid biggest market correction in four years

Hong Kong developers rebuild cash hoard to prepare for new opportunities amid biggest market correction in four years

Some of Hong Kong’s biggest developers are building up their cash hoard by selling noncore assets, a move seen as readying themselves for acquisition opportunities amid the biggest market correction since at least 2016.This year, groups including Wheelock Properties, Chinachem and New World Development have raised more than HK$4 billion (US$516 million) from the sale of retail, office and car parking spaces across the city, according to company announcements and government land records.While…

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By | 2020-09-20T01:30:14+00:00 September 20th, 2020|Business|Comments Off on Hong Kong developers rebuild cash hoard to prepare for new opportunities amid biggest market correction in four years