CK Asset says impact of protests on Hong Kong’s property market will be minimal, but trade war remains a long-term worry
- CK Asset Holdings is the first major developer from Hong Kong to publicly comment on the impact of the extradition bill on the property market
- Apology from Chief Executive Carrie Lam energises SHKP and New World Development, who announce pricing details of their projects
The massive street protests triggered by the extradition bill will not have as big an impact on the city’s property market as the US-China trade war, according to a top executive of CK Asset Holdings, Hong Kong’s second largest developer.
“There were only 20 days for consultation, which was obviously not enough,” said executive director Justin Chiu Kwok-hung on Tuesday, becoming the first major developer to publicly comment on the political issue that galvanised Hongkongers. “[The protests] show Hongkongers care about Hong Kong and this increases our long-term confidence in the property market.”
Attempts by the government to push through the extradition bill led to millions of Hongkongers taking to the streets three times since June 9, with an estimated two million people joining the protest on Sunday.
On Tuesday, Chief Executive Carrie Lam Cheng Yuet-ngor offered her “most sincere apology”to the city’s residents, but insisted that she would not be withdrawing the extradition bill.
But a semblance of calm was enough to energise the city’s developers, announcing prices for their new projects.
Sun Hung Kai Properties revealed prices of 108 flats at Mount Regency’s phase two in Tuen Mun. It is likely to go on sale this Saturday at HK$16,360 (US$2,088) per sq ft after discounts.