Developers in Hong Kong sold a record $17bn of new housing in the first half of the year, with the average new home costing $1.8m in the world’s most expensive property market.
The jump in sales comes despite heightened tensions in Hong Kong’s relationship with Beijing and is likely to exacerbate anger over the high cost of living and inequality in the semi-autonomous Chinese territory.
Hong Kong’s biggest property developers are tycoons such as Li Ka-shing, Lee Shau-kee and the Kwok brothers, who exert a substantial degree of influence in Hong Kong’s undemocratic political system.
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