CK Asset may be eyeing a shortcut to replenish land bank with its role in Goldin restructuring, analysts say
- Li Ka-shing’s flagship may be eyeing both Goldin’s assets as well as those held by its billionaire chairman Pan Sutong
- CK Asset only owns 4 million sq ft of land bank, the smallest lot among major developers, compared with Sun Hung Kai Properties’ 58.9 million sq ft
CK Asset may be eyeing both Goldin’s well-publicised portfolio of assets as well as those held by its billionaire chairman Pan Sutong that include highly-valued sites overlooking Kowloon Bay, they added.
“CK has a special interest in development sites with a sea view and in the vicinity of train stations, sites that are rate and cost a huge amount of money, said Kenny Tang, chief executive of Royston Securities. “This may present an opportunity for CK to pick up some bargains” given Goldin’s and the broader market distress, he added.
Despite its financial muscle, CK Asset only owns 4 million sq ft of land bank in Hong Kong, the least among the city’s major developers. Sun Hung Kai Properties has 58.9 million sq ft while Henderson Land Development owns 14.6 million sq ft, according to their annual reports.
Goldin’s key assets include its headquarters at 17 Kai Cheung Road on Kowloon Bay, a 27-storey office tower last assessed at more than HK$15 billion. It also owns a land parcel on the former airport strip in Kai Tak, where a planned sale in May was delayed amid its cash crunch.