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Economy

Hong Kong capitalists reap rewards of cozy Communist ties

But the gravy train may be nearing the end of the line

HONG KONG Without question, the business sector has been the top beneficiary of the Hong Kong handover to China. Under "one country, two systems," property conglomerates and other local companies have seized the lion's share of mainland opportunities while bowing to the political establishment in return.

Consider the new landmark in Xujiahui, the prime commercial spot in downtown Shanghai. The soon-to-open ITC, or International Trade City, sprawls over 99,000 sq. meters of land and features offices, stores and a hotel. The land alone is worth 21.77 billion yuan ($3.18 billion), and the megaproject is 100% owned and operated by Sun Hung Kai Properties.

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