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RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong
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HK billionaire et al aids funding of UK low-cost housing

Developer Sammy Lee, businessman Peter Fung, and billionaire Cheng Yu-tung’s Chow Tai Fook Enterprises have acquired 61 percent of Pinnacle Regeneration Group, manager of 22,000 homes in the UK.

A Bloomberg report said, “A change in UK law last year enabled investors to profit for the first time from social housing in Britain, where there’s a waiting list of 1.8 million households. With property prices at home skyrocketing, Hong Kong investors are putting money into UK real estate ranging from subsidized housing and office buildings to luxury properties and infrastructure.”

The report added that home prices in Hong Kong have risen more than 70 percent since the beginning of 2009 on record-low mortgage rates and an influx of buyers from mainland China.

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