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120 years of SCMP: Hong Kong’s property, finance, ESG and technology through pens and strokes of our journalists

  • Peggy Sito, Enoch Yiu, Eric Ng and Bien Perez are among the longest-serving veterans at the South China Morning Post
  • With more than a century of experience between them, their stories recount Hong Kong’s transformation in real estate, finance, ESG and technology

Reading Time:6 minutes
Why you can trust SCMP
Journalists of the Post celebrating at the 21st Consumer Rights Reporting Award on 31 August 2021. (L to R) Deputy Business Editor Peggy Sito, former Property Editor Sandy Li, former Senior Correspondent Lam Ka Sing, and Climate News Editor Eric Ng. Photo: Edmond So
A day after Hong Kong’s wealthiest man closed what was in 2018 the world’s largest real estate deal, Peggy Sito was assigned to figure out how a consortium of buyers would share the spoils of the HK$40.2 billion (US$5.15 billion) office tower they just bought from Li Ka-shing.
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It was an assignment that involved numerous searches of company registrations, corporate filings, dozens of interviews and phone calls, in addition to her duty as the Deputy Business Editor at the South China Morning Post.

Three months later, she published an exclusive story. The consortium’s 10 buyers would pick ping pong balls painted with numbers out of a hat, in an unusual ritual to determine who would be the first to pick from the 73 floors at The Center.

It was a story that won Sito State Street’s “Journalist of the Year” award that year, one of many in her three-decade career at the Post. “This assignment was particularly interesting [because] the process of uncovering the details bit by bit was exciting,” she said. “The happiest moment came when the article received the [State Street] award.”

The unusual story was the capstone at the peak of a bull run in the world’s priciest property market, when cheap funds fuelled an insatiable hunger for deals. In the three decades since her maiden assignment in 1994 to cover price rigging in Hong Kong’s land sales, the Post’s Deputy Business Editor Peggy Sito witnessed major transformations in the city’s real estate industry.

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The city’s median home price has almost tripled since 1994, firmly establishing Hong Kong as the world’s least affordable urban centre several years running. Mainland Chinese buyers became ever more visible in the top end of Hong Kong’s office and residential markets. More firms were driven out of Central by sky-high rents, decamping to Quarry Bay, Kowloon or other areas, in a process dubbed de-Centralisation. Causeway Bay’s Russell Street went from obscurity to become the world’s priciest retail high street for several years until the Covid-pandemic.
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