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Hong Kong’s property wobbles expose those with weak foundations
香港房地產動盪暴露出基礎薄弱者的問題

The divide between disciplined and overstretched developers merits most attention
最值得關注的是那些經營穩健的開發商與過度擴張的開發商之間的分化。

Hong Kong’s property market was once seen as a financial outlier in Asia. It was defined by scarce land, strong legal safeguards and disciplined local developers. Even as mainland China’s property groups were engulfed in a chaotic storm of defaults and debt, investor confidence in Hong Kong’s developers held, thanks to the belief that pricing dynamics and balance sheets in the city were fundamentally more resilient.

香港的房地產市場曾被視爲亞洲金融領域的異類。其特點在於土地稀缺、法律保障有力,以及本地開發商管理嚴謹。即使在中國內地房地產集團陷入違約和債務的混亂風暴時,投資者對香港開發商的信心依然穩固,因爲人們相信,香港的定價動態和資產負債表從根本上更具韌性。

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