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Hong Kong’s home prices are no longer among the fastest growing on the planet according to a new report by Shanghai-based Hurun.
Mario Ho Yau-kwan, the youngest son of billionaire casino tycoon Stanley Ho, has splashed out HK$500 million on a house at one of Hong Kong’s most prestigious addresses.
Investment in Hong Kong office and retail properties plunged by 52% last year to HK$$68.9 billion (US$8.9 billion), the largest decline in a single year since 2011.
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According to Citibank, Hong Kong residents predicting a drop in home prices doubled to 56 percent from 28 percent last quarter.
Lee Shau Kee, the city’s second-richest man, announced his plans to step down as chairman of Henderson Land Development Co. Tuesday.