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Hong Kong's sky-high housing prices raise alarms

Young, frustrated would-be homeowners are being priced out of the market

People line up to apply for a shot at buying a new condo.

HONG KONG -- As Chinese investors send Hong Kong property prices into the stratosphere, young locals' dreams of owning a home are crashing to the ground. Their growing discontent could prove a headache for the new administration of Carrie Lam, who will take office as chief executive on July 1.

Prices in Hong Kong's already sizzling real estate market continue to hit new highs despite government efforts to cool the market. A glittering symbol of the investment frenzy is the new luxury condominium that Sun Hung Kai Properties -- Hong Kong's largest property developer -- is building at Tuen Mun in the New Territories, roughly an hour's train ride from the city center.

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