Topic

Cheung Kongi

Hutchison Whampoa, one of Hong Kong’s largest listed companies, is controlled by Cheung Kong Group, a property company. Hutchison's operations span ports, property and hotels, retailing, power generation and telecommunications.

Advertisement
  • ‘Conditions precedent to closing of the transaction were not satisfied,’ CK Hutchison says in filing to Hong Kong stock exchange
  • The deal, which was announced last May, had set an enterprise value for the joint venture of US$3.7 billion

Homebuyers in Hong Kong have continued to flock to projects that offer them best value for their money, with CK Asset Holding selling almost all units in the latest batch of its Coastline project on Sunday.

videocam
Advertisement
Advertisement

‘As a developer you want your money back as soon as possible, and also to get a profit,’ an expert says. It’s advice the flagship developer of billionaire Li Ka-shing has long held close to its heart.

CK Hutchison Holdings and CK Asset Holdings, the two flagship companies of Hong Kong’s richest man Li Ka-shing, reported a drop in their first-half earnings, as the high interest rate environment continued to pile pressure on businesses in the city.

videocam

Vodafone will own 51 per cent of the joint venture, which will combine its domestic mobile business with CK Hutchison’s Three UK operations and create Britain’s largest mobile provider in a deal worth US$15.7 billion.

videocam

CK Hutchison’s Wind Tre will transfer its active network equipment and wholesale mobile and wholesale fixed communications services business in Italy to the new company, which will have an enterprise value of US$3.7 billion.

The long queues were a welcomed sight for Hong Kong’s developers and agents, as rising rates combined with the Covid-19 pandemic to knock the city’s property bull market off its footing.

From Li Ka-shing’s empire to an office tower bought by James Tien Pei-chun’s Manhattan Garments Group, the whipsawing British pound could draw blood from some of Hong Kong and China’s biggest businesses.

videocam

With 2.8 million sq ft of new prime space hitting the market this year, supply will reach a level not seen since 2008 and is set to expand further in the next two years, consultant Cushman & Wakefield says.

The redevelopment of Hutchison House will add 550,000 square feet of prime office space – about the size of 10 football fields – in Hong Kong’s main business zone of Central.

videocam

CK Hutchison Holdings and CK Asset Holdings, the two flagship companies of Li Ka-shing, Hong Kong’s richest man, reported increases in their first-half results on Thursday, despite a “worrisome” Covid-19 situation in mainland China and Hong Kong.

videocam

The 26-storey tower, bought by Evergrande for HK$12.5 billion (US$1.61 billion) in 2015, is one of the key assets marked for disposal by the distressed Shenzhen-based developer.

videocam

The Hong Kong government rejected all five bids received for a 1.3 million square feet residential site in Tuen Mun, as all tenders came in below the reserve price.

videocam

Work-from-home operations may leave BitMEX with a smaller real estate need, putting its Cheung Kong Center lease into question when it is due for renewal next year, a source said.

videocam

The conglomerate, with businesses touching almost every aspect of the average Hongkonger’s life, said it was able to pull through the pandemic because of its “financial discipline, resilience and agility.”

Property developers, who usually conduct their sales campaigns on weekends, have deferred the launch of new projects until the second quarter, when the current Covid-19 outbreak is expected to recede.

videocam

Centenary Investments Limited, a wholly-owned subsidiary of CK Asset Holdings, won two adjoining sites about eight minutes walk to the To Kwa Wan MTR Station for HK$5.99 billion (US$767.3 million), the Urban Renewal Authority said. The price was lower than the market expectation of HK$6 billion to HK$6.8 billion.

CK Asset Holdings, which has offered 3,000 rooms in four hotels under its management for use as isolation facilities, is rallying its resources and staff to help Hong Kong’s authorities contain the spread of the Covid-19 infections in the city, according to a statement.

videocam

Known variously as nano flats, micro-apartments, cage homes and shoebox homes, Hong Kong’s tiny abodes grew out of the desperate quest for affordable housing in the world’s most expensive urban centre.

videocam

Hong Kong tycoon Li Ka-shing’s flagship company will pocket a gain of US$170 million by selling Accipiter Finance and Manchester Aviation Finance to Maverick Aviation Holdings, CK Asset said in a stock exchange filing.

videocam

The successful launch at Hung Shui Kiu shows how Hong Kong’s residential property bull run has gained momentum in recent months after a brief stumble last year, as the city’s economic recovery and low interest rates bolstered sentiments.