Word: kong
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Home prices in overcrowded Hong Kong have traditionally been high, but when it comes to having the most expensive residential properties in the world, the Chinese metropolis has never seriously challenged cities like New York, London and Tokyo...
...Until now. In another demonstration of how the recession is shaking up the global financial order, two luxury Hong Kong apartments have just gone on the market for a stunning $38.7 million each. If the developer, Sun Hung Kai, finds buyers at that price, the three-level penthouse dwellings, perched atop the 93-storey Cullinan towers with sweeping views of Hong Kong's harbor, could well qualify as the world's most expensive apartments. More than 4,000 sq. ft. in size, the apartments, which are still under construction, are selling for $9,677 per sq. ft. That's considerably...
...High-end residential real estate around the world has been hit hard by the recession. Prices for luxury flats in London are still a fifth lower than they were in March 2008. But confidence in Hong Kong's luxury market, driven by surprisingly strong economic growth in China, is recovering quickly. Just last week a penthouse apartment located in a new tower built not far from the Cullinan in Hong Kong's Kowloon district sold for $3.16 million. That may not sound like much for an upscale address, but the apartment has just 590 sq. ft. of useable space - meaning...
...renewed optimism is the buzz surrounding upcoming initial public offerings by two Macau casino operators. Las Vegas casino titan Steve Wynn, who opened the Wynn Macau luxury hotel and casino in the city in 2006, plans to offer 25% of his Macau operations in an IPO on the Hong Kong stock exchange. The IPO could raise as much as $1.6 billion; the shares are expected to start trading on Oct. 9. "With this IPO, we're a Chinese company with Chinese ownership," Wynn said, adding that the move would help management "assimilate ourselves with China more efficiently...
...China continues to open up, this kind of phenomenon will become ever more prevalent," says David Zweig, a professor of humanities and social sciences at the Hong Kong University of Science and Technology. "This is part of the process of internationalization, but we can only hope that Chinese people, including netizens and the people whose views tend towards extremism, can come to accept that there are many mixed-race people, both in China and worldwide...