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High-end luxury looks exposed as China slows

The cancellation of Graff Diamonds’s USD1 billion Hong Kong initial public offering is the latest sign that high-end luxury goods companies are losing their shine. Hong Kong’s formerly bubbling art and property markets are cooling as mainland Chinese money ebbs.

Companies at the top end haven’t been spared. Baoxin, a Chinese luxury car dealer, and Hengdeli Holdings, a premier brand watch seller, have seen their shares plummet 30 percent since 1 May.