The debt crisis affecting Chinese developers, which has reduced the bidding frenzy at land auctions in the mainland, has given a Hong Kong property firm an opportunity to acquire a prime parcel.On Tuesday, Hong Kong conglomerate HKR International won a prime residential site in Shanghai with a bid of 830.4 million yuan (US$130.4 million), its first acquisition in China’s commercial capital in nearly two decades.The Shanghai municipal government is currently conducting its third land auction of…
Source : South China Morning Post
Read more…China’s depressed land market offers buying opportunity for Hong Kong developer HKR International
