Real Estate

Real Estate: Hong Kong explores cavern to fix shortage problem

Space-strapped cities like New York and San Francisco may think they have it rough, but the booming Hong Kong may have an even more immediate problem.

More than 7 million people live in the 427 square mile autonomous region of the People’s Republic of China. Country parks take up 41 percent of the land mass, all of which is dotted by steep hills, making it difficult to build anywhere. Many high rises have maxed out on height restrictions. Meanwhile, housing prices hit record highs this spring: Hong Kongers are paying nearly $1,500 per square foot. The average home costs $1.8 million.

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The Swiss village where you can earn money to live

A tiny Swiss village threatened with extinction after an exodus of residents has come up with a novel way of turning around its fortunes. Albinen, a picturesque village near Leukerbad in Valais, has seen its population shrink to just 240. The local school has been forced to close and many of the houses in the village are used as holiday homes, laying empty for much of the year. As a result, local residents have demanded that the council do something to help reverse the decline and ensure the village’s future.

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Berlin and German cities too, the best bets for real estate investments

The latest PwC/ULI Emerging Trends in Real Estate Europe report sees Berlin take the top spot for real estate investment and development for the fourth year in a row.

Frankfurt has risen to second place after a year of solid growth, much of which has come from the financial sector in the aftermath of Brexit. Tied with Frankfurt is Copenhagen, whose booming residential sector has captured the attention of the international real estate industry. At number four is Munich, which-while expensive-has remained an attractive market for investors and developers alike. Madrid, benefiting from positive office rental growth prospects, has jumped four places to take the fifth spot.

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Hong Kong skyscraper sold for $5.2 bn record

Li Ka-shing’s CK Asset Holdings confirmed Wednesday that it had sold his interest in The Center, the fifth-tallest building in Hong Kong, for $5.2 billion, setting a record for a Hong Kong office tower and showing that the city’s commercial property market remains red hot. CK Asset Holdings said it expects to make a profit of $1.9 billion.
The buyer is C.H.M.T. Peaceful Development Asia Property Limited, an investment vehicle registered in the British Virgin Islands that was created for the purchase.

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