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Hong Kong developers' mainland projects rescue their bottom lines

Expanding real estate interests across China come with strong political ties

Hang Lung Properties' upscale retail mall, part of a commercial complex called Heartland 66, opened in the mainland Chinese city of Wuhan on March 25. (Provided by Hang Lung Properties)

HONG KONG -- Just a year ago, Wuhan was under a 77-day lockdown and business ground to a halt in an effort to control the coronavirus outbreak. Now, a major Hong Kong property developer has placed a big bet on the city's future with the opening of a luxury retail mall.

The opening last week of Hang Lung Properties' newest development in the heart of the central Chinese city, where the coronavirus was first identified in late 2019, was symbolically important.

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