Wang On set for busiest year as developer seizes Hong Kong market rebound: CEO
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Hong Kong developer Wang On Properties expects home prices to rebound 5% and rentals to climb 8% this year. The company plans to launch the most new projects since its listing eight years ago. It will convert the former Pentahotel in Kowloon into 720 student accommodation rooms. The Hong Kong government has loosened curbs and borrowing costs are projected to decline. Wang On Properties is 75% owned by Wang On Group and has formed joint ventures with Angelo, Gordon & Co., APG, and KKR. The company's developments include residential, commercial, car-parking, and hospitality projects with total investment exceeding HK$15 billion. Mainland Chinese buyers are expected to be interested in Hong Kong's property market due to higher rental yields, expected interest rate cuts, and the cash-for-residency scheme for ultra high-net-worth individuals.
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