Development site transactions tripled to $134.2b.
Hong Kong's real estate market grew the fastest in terms of investment in income-producing assets and development sites in the Asia Pacific, intelligence firm Real Capital Analytics (RCA) revealed.
According to a study, the sales of standing assets rose 38% to $114.7b, whilst development site transactions tripled to $134.2b.
RCA said these numbers will likely remain strong, due to two deals that are pending completion. Cheung Kong Holdings’ will sell The Center on Queen Road to a consortium of investors for $40.2b, whilst LVGEM will buy the 8 Bay East office complex for $9b.
RCA senior director of analytics for Asia Pacific Petra Blazkova said, "Hong Kong is benefiting from strong investment demand from mainland China investors, who have also played a key role in real estate activity across the region for Q3’17. That said, the volume of Chinese outbound capital has slowed in the past quarter after three consecutive years of extraordinary growth."
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