Cheung Kong on track for 2,065 home pre-sales this year in Hong Kong

Cheung Kong Property Holdings plans to speed up its new project launches in Hong Kong with more than 2,000 units to be put on sale in six projects this year, up from just two projects in 2016.

Together with projects put on sale in mainland China and Singapore, CK Property will offer more than 5,000 flats for sale this year.

Justin Chiu Kwok-hung, executive director of CK Property said he had confidence that the company is doing better in terms of property sales than last year and predicted property prices in Hong Kong to fluctuate within a band of 10 per cent.

“As interest rates remain at relatively low levels, we expect Hong Kong’s property market to be stabilised,” he told a press conference on Thursday.

CK Property’s diversification into non-property investment has raised concern about its share performance. JP Morgan’s analysts said in a note that CKP’s share price could be subject to selling pressure, due to the risk it may have to buy all of Australian electricity and natural gas distributor Duet group.

CK Property shares fell 0.57 per cent to close at HK$52.10 on Thursday, even as Li outlined a plan to spend HK$183.3 million buying its shares at HK$50 to HK50.80 on Tuesday. The repurchase plan came after Li announced on Monday that a consortium of three listed companies he controls, CK Property, Cheung Kong Infrastructure and Power Assets, would buy Australian energy company Duet Group in a deal worth A$7.53 billion (HK$43.8 billion).