Property News · March 10, 2020

Hong Kong developer warns of brewing price war in mainland China market as coronavirus hurts home sales, chokes cash flow


Wharf (Holdings) said a price war in the mainland China market is brewing because builders are desperate to improve cash flow after the coronavirus outbreak choked home sales this year.The property and logistics group, controlled by Hong Kong billionaire Peter Woo Kwong-ching, is cautious about adding to its 3.6 million sq m of land bank in the world’s second largest economy, after calling its business this year a “washout,” with sales having crashed by more than 50 per cent since the start of…

Source : South China Morning Post
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