Date
19 November 2017
Cheung Kong says its mainland projects are progressing according to the law and denies hoarding land. Photo: Bloomberg
Cheung Kong says its mainland projects are progressing according to the law and denies hoarding land. Photo: Bloomberg

Cheung Kong denies hoarding land in mainland

Cheung Kong (Holdings) Ltd. (0001.HK) is not hoarding land in the mainland, it said in an e-mailed statement Thursday.

The company, controlled by Hong Kong billionaire Li Ka-shing, was responding to a report by China Times that it had delayed the development of more than 10 projects in 10 cities.

It had completed only 1 percent of its property projects in Shanghai, Guangzhou, Shenzhen, Nanjing, Dalian and Wuhan in the past four years, the report said.

A villa project in Beijing has been shelved for nearly 10 years since Cheung Kong unveiled a development plan in 2005, it said.

Cheung Kong said its projects in the mainland are progressing according to the law and it has no intention to hoard land.

The company hopes to complete these developments “as soon as possible” in order to recoup funds for new projects.

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KZ/JP/RA

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