Hong Kong’s worst blaze in seven decades has exposed an ugly open secret of a murky and rapacious building renovation business that is plagued by bid-rigging and skyrocketing costs even as it staves off feeble official efforts to tackle collusive conduct.
Experts and former insiders offered this grim assessment, pointing to the city as a gold mine for such syndicates given its ageing stock of high-rise properties ripe for renovation.
They made a collective call for an overhaul of the industry as…
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‘Market is rotten’: Hong Kong fire exposes greedy building renovation business
