(Sept 16): It looked like the perfect investment opportunity. A mostly vacant shopping center with scant competition serving a middle-class neighborhood far from Hong Kong’s city center. With a makeover, Wang Tse thought, there could be good foot traffic, but the asking price was too high.

That was in 2017, and property tycoon Li Ka-shing had just sold a skyscraper for a record US$5.2 billion ($7.1 billion). Against such a buoyant backdrop, the shopping-mall seller refused to budge for close to two years.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook