CK Asset postpones sale of luxury flats estimated to cost more than US$12.7 million citing social turmoil
- The developer said that it would find it tough to sell the luxury residential project in Hong Kong’s upmarket Mid-Levels district
CK Asset Holdings, the second largest developer by market value in Hong Kong, has become the latest builder to defer the sale of its luxury residential project, as 10 weeks of social turmoil has severely hurt consumer sentiment.
The as-yet unnamed project at 21 Borrett Road, in Mid-Levels, was originally expected to be released for sale this month.
Executive director Justin Chiu Kwok-hung said on Tuesday that the group had decided to postpone the sale of the luxury flats that would cost more than HK$100 million (US$12.7 million) each.
“We will have difficulties in selling such luxury apartments right now,” Chiu said.
Hong Kong’s economic growth, which shrank in the second quarter from the first, had been in a downbeat mood this year, squeezed as it has been by the year-long trade war between the United States and China. The sentiment has deteriorated further after protests against the now-suspended extradition bill started on June 9.