The local families of Li, Cheng, Kwok and Lee dominate the Hong Kong's property market. However, they could face rivalry from competition on the mainland. There were reports recently that Li Ka-shing might sell a flagship tower for as much as HK$35bn ($4.5bn), with interested buyers including a subsidiary of state-owned Industrial and Commercial Bank of China. Chinese firms have been buying Hong Kong's office towers and European football clubs partly due to expectations that the renminbi will continue to weaken. It may be a while before Hong Kong's's "big four" property families are overtaken by mainland commercial interests, but it is only a matter of time.
The local families of Li, Cheng, Kwok and Lee dominate the Hong Kong property market. However, they could face rivalry from competition on the mainland. There were reports recently that Li Ka-shing might sell a flagship tower for as much as HK$35bn ($4.5bn), with interested buyers including a subsidiary of state-owned Industrial and Commercial Bank of China. Chinese firms have been buying Hong Kong office towers and European football clubs partly due to expectations that the renminbi will continue to weaken. It may be a while before Hong Kong's "big four" property families are overtaken by mainland commercial interests, but it is only a matter of time.