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Hong Kong property developer's market value drops $4.9 billi 
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Joined: Mon Apr 02, 2012 3:12 pm
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Post Hong Kong property developer's market value drops $4.9 billi
By Ed Flanagan, NBC News

BEIJING – If you’ve ever been to Hong Kong, you’ve undoubtedly walked by a building built or managed by Sun Hung Kai Properties, the second largest property company in the world and one of the small number of prominent developers that control real estate in this land-scarce region.

To say that the Kwok family, which controls Sun Hung Kai, has played a part in constructing Hong Kong’s iconic skyline would be massive understatement. Three of the tallest buildings in the city were constructed by the firm as well as one of the region’s more surreal icons, a replica of Noah’s Ark which doubles as a hotel and theme park. (The Kwoks are evangelical Christians.)


So when news broke that the company’s co-chairmen, Thomas and Raymond Kwok, were arrested on Thursday by the Independent Commission Against Corruption (ICAC), it caused an uproar that has scandalized the city of 7 million and caused the firm’s stock to tumble.

Make that plummet.

http://behindthewall.msnbc.msn.com/_new ... in-one-day


Thu Apr 19, 2012 11:13 am
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Post Re: Hong Kong property developer's market value drops $4.9 b
Noah's Ark hong kong
http://en.wikipedia.org/wiki/Noah's_Ark_(Hong_Kong)

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Thu Apr 19, 2012 2:11 pm
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Post Re: Hong Kong property developer's market value drops $4.9 b
Thank you for posting NB. I will look at your link. I'm interested in hearing from you, as I have followed your work on other sites for some time and noticed you'd left Nexus. Welcome to United People.

I never saw such disparity in wealth as what I witnessed in Asia.

On the streets of Kowloon and Hong Kong, throngs of well-dressed Asian men and women, cell phones pressed to the ears and all walking very quickly. Streets and alleys so crowded you just have to keep on walking in a straight line behind the person in front of you. Making corners is a problem. Like navigating the L.A. freeways during rush hour but you're on foot. Crazy.

My own hotel room was so small the door touched the bed when you opened it. Tiny. Cost a fortune and i was lucky to find it tucked in an alley alongside a 7-11 and KFC. I left Hong Kong earlier than scheduled, just could not bear that scene one more minute. I have never returned.

I walked into a building in Kowloon by mistake one day: this is pretty much what I saw although it was dark and eerily quiet, and it was shipping crates stacked one atop the other with long rickety wooden ladders to climb to the top "bunk rooms", not these cages, you'll get the point.

I was saddened and horrified. I left soon after this happened but as you can tell, that image is still burned in my brain.

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Thu Apr 19, 2012 2:37 pm
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Joined: Tue Feb 28, 2012 3:53 am
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Post Re: Hong Kong property developer's market value drops $4.9 b
By Ed Flanagan, NBC News

BEIJING – If you’ve ever been to Hong Kong, you’ve undoubtedly walked by a building built or managed by Sun Hung Kai Properties, the second largest property company in the world and one of the small number of prominent developers that control real estate in this land-scarce region.

To say that the Kwok family, which controls Sun Hung Kai, has played a part in constructing Hong Kong’s iconic skyline would be massive understatement. Three of the tallest buildings in the city were constructed by the firm as well as one of the region’s more surreal icons, a replica of Noah’s Ark which doubles as a hotel and theme park. (The Kwoks are evangelical Christians.)


So when news broke that the company’s co-chairmen, Thomas and Raymond Kwok, were arrested on Thursday by the Independent Commission Against Corruption (ICAC), it caused an uproar that has scandalized the city of 7 million and caused the firm’s stock to tumble.

Make that plummet.

http://behindthewall.msnbc.msn.com/_new ... in-one-day


Good to see you Northern Boy (see in a metaphorical sense). Property in Hong Kong is asking to be sacrificed....The banks can raise interest on loans to obscene levels and call loans in. The last good source of mine in Hong Kong real estate was cruising along.... He began to feel like a God as he tells it...the Asian man descended from the serpents in heaven .... :D when suddenly the guberment decided to castrate some serpents sent from heaven so to speak....Interest rates rose from 3 to 11 % and the market for buying property went so far South that Mexicans could be heard singing hello to the great white north....He wound up with worthless bankrupt properties, he was glad to make it out of that vile place with his shirt.

What happens in China and her dominions is the government destroys wealth when it feels a parvenue class of investors is getting real power. It is a pattern and one which is as certain as certain can be.

Again bro good to have you here.


Thu Apr 19, 2012 4:10 pm
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Post Re: Hong Kong property developer's market value drops $4.9 b
I heard Henry Paulson state along with his Goldman Sachs cronies that Congress must be done away with if we are to keep up with China.
They then began to compliment the system of dictatorship there.
There was no dissenting opinion at that conference.

Oh yes there was one, but it was controlled opposition.

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Thu Apr 19, 2012 4:32 pm
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Post Re: Hong Kong property developer's market value drops $4.9 b
This might be off topic D and NB, and I apologize if it is, but I heard about this Asian student the other day, in brief, who bought a house in Toronto for nearly 1/2 million dollars over the asking price. I just went looking for the story so you could read about it yourself and comment.

The housing market around here is just plain CUCKOO too, because of this sort of "off-shore" activity and affordable homes for families are non-existent for many years now. The operative word is affordable. Lots of homes being sold for over 50% more than listed price though. Superficially inflating the market value? Many people don't even LIVE in the homes which are being snapped up by off-shore buyers!

They sit empty for the most part. For years. This off-shore real-estate activity then forces 2 parent families to work and commute from the suburbs for many hours every day in order to afford to live in that area known as "The Lower Mainland".

The problem is what D? You're in the business.

On a different note, here are a few stories which caught my eye:

A $340,000 home for $16?

'Adverse possession' allows people to take over abandoned homes

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Thu Apr 19, 2012 5:30 pm
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Post Re: Hong Kong property developer's market value drops $4.9 b
There have been warnings from economists that Canadauh`s Housing market is supposed to drop 30 to 50 % in the near future so this guy would have to be A fool to pay Half a million over the asking price


Thu Apr 19, 2012 5:59 pm
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Post Re: Hong Kong property developer's market value drops $4.9 b
There have been warnings from economists that Canadauh`s Housing market is supposed to drop 30 to 50 % in the near future so this guy would have to be A fool to pay Half a million over the asking price


Not if he flips it for say 100K more than he paid for it in 1-6 months before the crash. He does this with 200 properties, like they're doing in Vancouver, and it's just another day at the office. All done electronically, online. From where ever. That's 20 million bucks in short order.

Speculation. I know nothing about real-estate or real estate games. D can speak to this, not me.

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Thu Apr 19, 2012 6:45 pm
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