AC

Government restrictions on China's real estate market are having a welcome effect for residential developers across the Pearl River Delta: They're propping up sales of certain new luxury properties in Hong Kong. In Hong Kong — where overall residential property sales are slumping in tandem with other parts of Asia as governments act to bring down inflated real estate prices — new luxury developments are one bright spot in the market. New developments, especially in prestigious neighborhoods such as Central, the Peak and West Kowloon, are coveted by mainland buyers as a second home or investment property. Even as real estate prices slip and sales volumes plummet in the city, demand is brisk for some new high-end buildings from Hong Kong developers such as Sino Group, Swire Properties and Cheung Kong. Selling out fast As developers put blocks of luxury flats up for sale, developments in prime locations near transportation hubs are selling out within a day, according to Knight...