Reuters
Hong Kong firms scoop up properties from Chinese developers in distress
After years of expansion in Hong Kong, cash-strapped Chinese developers are reducing their presence in one of the world’s most expensive property markets, allowing firms in the financial hub to scoop up some of their assets at distressed prices. Developers including China Evergrande Group and Kaisa Group Holdings Ltd, struggling under billions of dollars in debt, have sold some assets in recent months to Hong Kong developers to help ease liquidity stress back home. There’s more to come – Aoyuan Group, which this week extended the redemption date of onshore asset-backed securities, is trying to offload more Hong Kong properties to raise capital, two sources with knowledge of the matter said.
