Ann: Media Release Sarawak Higher Q3 21 Production, page-270

• Hong Kong property firms pick up assets on the cheap from stricken mainland Chinese developers
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• A joint venture between Far East Consortium and New World snapped up land at Kai Tak from Kaisa Group for just over US$1 billion
• Sharpview Investment recently took a majority stake in a project at Mid-Levels from China Aoyuan Group for HK$900 million

Mid-sized Hong Kong property firms are picking up residential plots at heavily discounted prices from cash-strapped mainland Chinese developers who are speeding up asset sales to repay debt.

Far East Consortium International recently snapped up two land parcels, one of which was from the heavily indebted Kaisa Group Holdings.

“We may allocate more resources to increase our land bank in Hong Kong after we cashed in on our overseas property investments,” Chris Hoong Cheong Thard, managing director of Far East Consortium.

Since 2015 the developer has diversified its property investments in various markets like Singapore, Malaysia, Australia and Britain, maximising its investment opportunities by taking advantage of different property cycles.