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The painful slump in Hong Kong property

Prices and rents have fallen amid higher interest rates and a slowdown in China. Some experts warn that recovery could be elusive

In the middle of Hong Kong’s business district, on the site of a former car park, an unusual new addition to the city’s famous skyline is nearing its opening date. 

The Henderson is a 36-storey office building by Zaha Hadid Architects and named for Henderson Land Development, a developer controlled by one of Hong Kong’s big four property dynasties. Its curvy structure is modelled on the city’s symbol, the bauhinia flower’s bud. The cost of acquiring the plot alone was $3bn.

Tenants announced so far include auction house Christie’s, Swiss watchmaker Audemars Piguet and private equity firm Carlyle. “As far as I know, The Henderson seems to only accept tenants of top-notch quality,” says Ricky Tsang, director of corporate ratings at S&P.

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