Seeking to hedge against rising rents and a shortage of space, banks and insurers are on a record spree of buying office buildings in Hong Kong, where occupancy costs are the second-highest in the world.
Over the past decade, car-repair shop owner Benny Chan has seen more than 70 percent of his small-business peers disappear as his Hong Kong neighborhood fills up with high-end Western bars and Japanese restaurants.
Wealthy Asian investors who’ve borrowed against their houses to buy bonds may find themselves among forced sellers if interest rates rise, spurring a price slump in vulnerable securities, according to Barclays Plc.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Henderson Land Development Co., controlled by billionaire Lee Shau-kee, fell to a two-week low in Hong Kong trading after 2011 underlying profit missed analysts’ estimates as the property market cooled.
Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, said 2011 underlying profit rose 10 percent on higher rental income and contributions from unit Hong Kong & China Gas Co.
Henderson Land Development Co., the Hong Kong builder controlled by billionaire Lee Shau-kee, reported first-half profit that beat estimates as higher rental income and earnings from its energy businesses offset lower property sales. Shares rose to the highest in a year.