Cheung Kong (Holdings) will this year trim back residential sales to 3,000 units from its previous target of up to 5,000 in order to stabilise prices. Executive director Justin Chiu Kwok-hung said buying confidence was recovering with increasing transactions in both primary and secondary markets in recent weeks. Cheung Kong could afford to wait for better times to sell, he said, pointing out its projects were mostly in prime urban areas. This quarter it plans to launch the 37-unit University Court and 600-unit phase one of Sky Towers on the former Tien Chu Centre site in To Kwa Wan. Other projects in the pipeline include phase one of The Victoria Towers in Tsim Sha Tsui and phase one of Caribbean Coast in Tung Chung.