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...part, Detroit must address the fact that a 138-sq.-mi. city that once accommodated 1.85 million people is way too large for the 912,000 who remain. The fire, police and sanitation departments couldn't efficiently service the yawning stretches of barely inhabited areas even if the city could afford to maintain those operations at their former size. Detroit has to shrink its footprint, even if it means condemning decent houses in the gap-toothed areas and moving their occupants to compact neighborhoods where they might find a modicum of security and service. Build greenbelts, which...
...meeting on climate change on Sept. 22, it is China that has managed to seize the moral high ground - fairly or not. President Hu Jintao told the U.N. that by 2020 China would increase the share of renewable and nuclear power in its energy supply to 15%, plant 40 million hectares of forest, increase investment in a greener economy and reduce its carbon intensity - the amount of economic value it gets per unit of power - by a "notable margin." Many of those domestic goals had already been announced, but the tone of Hu's speech made an impact...
...Until now. In another demonstration of how the recession is shaking up the global financial order, two luxury Hong Kong apartments have just gone on the market for a stunning $38.7 million each. If the developer, Sun Hung Kai, finds buyers at that price, the three-level penthouse dwellings, perched atop the 93-storey Cullinan towers with sweeping views of Hong Kong's harbor, could well qualify as the world's most expensive apartments. More than 4,000 sq. ft. in size, the apartments, which are still under construction, are selling for $9,677 per sq. ft. That's considerably...
...were in March 2008. But confidence in Hong Kong's luxury market, driven by surprisingly strong economic growth in China, is recovering quickly. Just last week a penthouse apartment located in a new tower built not far from the Cullinan in Hong Kong's Kowloon district sold for $3.16 million. That may not sound like much for an upscale address, but the apartment has just 590 sq. ft. of useable space - meaning the buyer paid $5,356 per sq. ft. of living area...
...that low interest rates, high liquidity and a tight supply of new apartments could fuel irrational exuberance. Churchouse says: "I could easily see this market developing into a bubble, but it's not a bubble yet." That should be of some comfort for the buyer who just paid $3.16 million for a 590 sq. ft. apartment...