Kerry Properties joins beeline of Hong Kong developers buying land in China

Hong Kong’s biggest developers continue to buy prime land sites in top-tier cities in mainland China, as they take advantage of the general malaise among competitors that are struggling to survive an unprecedented debt load in the industry.Kerry Properties, controlled by the Malaysian billionaire Robert Kuok, paid 13.3 billion yuan (US$2.1 billion) for four plots of mixed-use land in Shanghai during the municipal government’s first auction of the year on January 4. It plans to turn the site…

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