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HKR International invests more in Hong Kong’s older buildings as home prices climb amid land shortage

HKR International, the home builder behind Discovery Bay, is focusing more on redeveloping older buildings in urban areas as the city’s famous shortage of land forces developers to try new strategies in order to tap rising home prices.It has spent HK$677 million (US$87.2 million) on two buildings – one industrial and one residential – since December for redevelopment.“The continuous shortage of land in Hong Kong, especially in prime locations, has caused property developers to turn to…HKR International, the home builder behind Discovery Bay, is focusing more on redeveloping older buildings in urban areas as the city’s famous shortage of land forces developers to try new strategies in order to tap rising home prices.It has spent HK$677 million (US$87.2 million) on two buildings – one industrial and one residential – since December for redevelopment.“The continuous shortage of land in Hong Kong, especially in prime locations, has caused property developers to turn to…Read MoreSouth China Morning Post