Hang Lung Properties Ltd. (00101.HK) chairman Ronnie Chan said it is hard to tell how the property market will go three years from now, although the recent weakening of the sector may allow for more land acquisitions.
The developer will adjust its strategy for the replenishment of land reserves according to market conditions and its peers’ positions, the Hong Kong Economic Journal quoted Chan as saying.
“The worse others view the market, the bigger the opportunities for us,” Chan said.
Still, Chan holds a dim view of the prospects of the retail sector in Hong Kong and mainland China in the near term.
He said not many rivals are competing for commercial land in China, and his company is looking more to second-tier cities where prospects are better than in first-tier and third-tier cities.
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