Ronnie C. Chan,Chairman of Hang Lung Properties,Ltd.,a Hong Kong-based developer,owner and manager of upscale real estate,thinks the government is finally heading in the right direction after 10 years,releasing more land for sale.We are not forced to sell,with more than 10 billion dollars in cash.I don't think this is the time to sell.
We want to be in commercial.The problem is,the government is building a lot of subsidised housing,driving residential developers into the commercial field.Wages are a big issue,not construction costs.
We're building five mega malls,but China can still pass increases on us.There are no fixed contracts in China.We are opening one in Xinan.It is fully leased six months ahead of opening.
As for expanding outside of China,Mr.Chan says he doesn't think he is smart or foolish enough to look elsewhere.
Hang Lung Properties is a constituent stock of Hong Kong's Hang Seng Index.It is one of the largest real estate companies in the world.Its holdings in Hong Kong and mainland China include malls,office buildings and both serviced and non-serviced apartments.
iShares MSCI Hong Kong Index Fund(EWH)
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