A total of 130, or 70 per cent, of the 184 units on offer were sold on Saturday, according to sales agents.

The launch of Blue Coast marks the biggest residential offering since the city government removed property curbs and relaxed its mortgage policies in February.

The developer has priced its closely-watched new project in Wong Chuk Hang well below cost and cheaper than neighbouring developments in a sign it may be trying to ensure the first batch of flats sells out in the hopes of drumming up interest in the remaining units.

‘There are only a few [international financial centres], and Hong Kong is one of them. It is hard-won. We must not lose this place,’ CK Hutchison and CK Asset chairman says.

Hong Kong’s current property market downturn is cyclical and not structural, with home prices set to decline by as much as 10 per cent this year as elevated interest rates keep demand in check, S&P says

Hong Kong’s largest developer by market capitalisation is being tipped by analysts to emerge as the ‘prime beneficiary’ of the city’s removal of all property cooling measures.

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.

Almost 4,000 homebuyers rushed to snap up flats at CK Asset Holdings’ Coast Line I in Yau Tong on Sunday, just a week after all units in the other phase of the project, Coast Line II, sold out on their first day of sales.

The developers behind Villa Garda III housing project in Hong Kong have hastened its sales campaign, releasing its first price list at discounts in response to the renewed buying interest sparked by CK Asset’s successful launch.

Hong Kong property developer CK Asset Holdings has released the price list for the first 50 units at its Coast Line I project just two days after homebuyers snapped up all 626 apartments in Coast Line II on Saturday.

‘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.

Hong Kong’s powerful guild of property developers allayed fears of a price war in the home market.

Developer dismisses claims of price war as experts say seven-year-low prices for Kowloon flats are not a dire omen for the market.

CK Asset expanded the Coast Line II sale from 254 to 626 flats, and analysts say the low average price of HK$14,686 (US$1,880) per square foot will pressure other developers to cut prices in future launches.

Developer cuts prices at Coast Line II in Kowloon to US$1,921 per square foot – 16 per cent below other recent launches – in a bid to boost buyer sentiment in a slumping market.

Citi and Jefferies, which have lowered their target prices for the developer’s stock, see more buy-backs as likely given that the company has ‘limited positive catalysts’ to drive its stock price in the near term.

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.

CK Asset cited high interest rates as a factor in the collapse of the deal for 148 units in the 21 Borrett Road development, after buyer LC Vision Capital 1 failed to make a US$133 million payment.

CK Asset Holdings will soon launch its The Coast Line residential project in Yau Tong, becoming the latest company to offer a new development in the city’s weakening housing market.

The flagship property developer of billionaire Li Ka-shing and his family said 64 per cent of the shareholders of the real estate investment trust had approved its offer to buy the company for about £485 million.

Financial Secretary Paul Chan has said the government will push ahead with moves to increase land supply as high housing prices remain an issue.

Civitas owns specialised supported housing and residential care houses in the UK and CK Asset sees it as a complentary asset.

CK Asset launches the first 20 units of its Powerhouse development in Kensington and Chelsea amid Sterling’s recent plunge.

The flagship developer of tycoon Li Ka-shing’s family will pay HK$3,522 per square foot for the plot, far below the HK$6,500 it was expected to fetch in an earlier failed tender.

CK Asset will probably face more volatility ahead despite spending at least US$127 million on stock buy-backs this year, as investors remain wary about the company’s exposure to the UK.

The buyer, LC Vision Capital 1, is an offshore fund founded by Sino Suisse Capital, a closely held money manager run by Albert Liu.

Hong Kong-listed companies controlled by the Li Ka-shing family led a decline among local stocks that have the most exposure to the UK after the British pound fell to a record low against the dollar on Monday.

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.

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.