Date
19 October 2017

Cheung Kong property sales at multi-year low, report says

Cheung Kong (Holdings) Ltd (00001.HK) has collected only about HK$4 billion (US$515.95 million) from sales of residential properties so far this year, marking a 13-year low, Nanfang Daily reported Thursday, citing chairman Li Ka-shing. The sales figure is only 15 percent of the level seen in the past two years, Li was quoted as saying in an interview, attributing the situation to Hong Kong government’s housing curbs such as restriction on pre-sale quota of uncompleted flats. The tycoon remained optimistic about the mainland property market as Beijing has unveiled several economic reform plans after the Communist Party’s recent plenum, the report said. In other comments, Li stressed that his businesses will remain anchored in Hong Kong, refuting recent rumors that he will move assets out of the city. Li-controlled Hutchison Whampoa Ltd. (00013.HK) sold two apartments at Hong Kong’s upscale Peak district for nearly HK$1.3 billion in the recent two weeks.

– Contact HKEJ at [email protected]

MY/AC/RC

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