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It's on 99-lease, and buying at such a high price is kum gong as it's on declining value already, rubbish landed property, which is only good for rental returns.
Foreigners are also losing interest in buying such ranjiao non-free hold landed since years ago due to the remaining lease period.
The rents are astronomical mainly to cater expats but no guarantee, so if can't rent out is hong kans already.... so all the properties there are on a ticking time bomb.