Run-Down Buildings Are Hot Property in Land-Scarce Hong Kong
- Compulsory sales in city climbed to a six-year high in 2018
- Renovating blocks gives developers a foothold in prime areas
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In a city with stratospheric land prices, rundown buildings can be hot property.
Hong Kong developers are increasingly acquiring and revamping old buildings as land gets more expensive. The number of applications for compulsory sales -- allowing developers to gain full control of an apartment block after securing 80 percent ownership -- climbed to a six-year high in 2018, government figures show.