For Hong Kong’s tycoons, it was almost as if the good old days had returned. Late last year, as protests raged on the streets of Hong Kong, companies controlled by five of the territory’s seven richest families competed for the biggest plot of land ever put up for auction in the territory.
All the bids were at the lower end of the government’s valuation range and Hong Kong’s biggest developer, Sun Hung Kai Properties, walked away with the prize for HK$42.23bn ($5.4bn).
If calm does eventually return to a city rocked by months of often violent pro-democracy protests — and prices rise — SHKP, controlled by 90-year-old matriarch Kwong Siu-hing, will make a huge profit from the residential and commercial development.
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