How a Hong Kong Dynasty Was Hit by China's Property Crisis

In China there is an ancient proverb 富不過三代. Meaning that wealth doesn't pass three generations. For years, it serves as a cautionary tale of how difficult it is sometimes for wealth to pass beyond generations.In Hong Kong, four dynasties dominate the property sector, each worth tens of billions of dollars. Property is the religion of Hong Kong. But now one of these seemingly untouchable dynasties is in crisis.Hong Kong developer New World jolts creditor's by delaying bond payments. They've had two different ...