ONE by one, tycoons who built their wealth on China’s economic rise have been giving up their trophy homes in Hong Kong. Hong Kong’s housing market has long had an are-you-kidding-me feel to it. Banks that were once reliable lenders to Hong Kong’s property sector have suffered a surge in defaults from commercial real estate this year. As the Fed cut rates this year, Hong Kong’s monetary authority followed, lowering the interest rate in September to 5.25 per cent. “When China’s economy goes down, Hong Kong’s economy follows,” she said.
