This story first appeared on the Forbes site on April 13, 2016.
From The New York Times: A Family Retreat in Bali’s ‘Land of Two Angels’
WELIGAMA, Sri Lanka (The New York Times) — It was a vacation for his 40th birthday that sold Paddy Dalton and his partner, Rob Ioannou, on Sri Lanka. Their stay at the Aman resort in the southern town of Galle was intoxicating enough that the couple returned three weeks later in search of a permanent home.
They found it on the first day, acquiring a working tea and cinnamon estate a half-hour drive into the hills behind the surf town of Weligama on the island nation’s south coast. Five years later, they have completed their first home on the estate, which comes in at 50 acres and employs about 30 people. Continue reading
HONG KONG (The New York Times) — Hong Kong is a famously efficient city. Residents pride themselves on the flawless operation of the subway system and the airport. For 21 years in a row, the Heritage Foundation has ranked Hong Kong as the world’s freest economy.
But free markets come at a cost. Easy access to capital, years of record-low interest rates and an acute shortage of supply have made Hong Kong the most expensive place in the world to buy a home. Continue reading
HONG KONG (The New York Times) — The Tung Fat Building has a prized waterfront position in Kennedy Town, the westernmost neighborhood on the crowded north shore of Hong Kong Island.
Its Cantonese name translates as the “Get Rich Together” building, one of many such aspirational titles for Hong Kong apartments and offices, old and new.
But for its owners, the “tong lau,” or walkup tenement, has been a decade-long cash sinkhole, although the expense should be ending now that the concrete building’s unusual renovation is all but completed. Continue reading
Malaysia has led the way in terms of salary growth for property professionals in the last year, according to a new report. But average salaries across Asia declined 3.4 percent in 2013, leaving them standing at US$96,087 per year. Continue reading
The collapse of a Chinese developer has sparked a selloff in the bonds and stocks of mainland property companies as a whole, with the industry predicting more bankruptcies and defaults to come. Continue reading