Prices hit an all-time high in early September even as exchange inventories rose and spot premiums vanished — a pattern that points less to a physical shortage than to a policy-driven scramble, with electrification, not data-center hardware, doing the heavy lifting.

The recent sale of several properties by the Ma Kiu-sang family — from strong returns in Wuhu Street to losses at The Center — highlights the volatility and challenges facing Hong Kong’s retail property market.