Billionaire Li Ka-shing’s CK Asset sells luxury Mid-Levels project to Singapore fund for US$2.6 billion in surprise deal amid market wobble


Li’s front runner real estate business CK Asset Holdings agreed to offer its project referred to as 21 Borrett Road in Mid-Levels for HK$ 20.8 billion (US$ 2.6 billion or $30 billion) to pocket a HK$ 6.3 billion earnings, according to a stock exchange submission late on Wednesday. The deal is assumed to be finalized by March 2025, it included.

Hong Kong’s wealthiest tycoon Li Ka-shing is selling among Asia’s priciest housing projects in the metropolitan area to a Singapore-based wealth executive, surprising the marketplace with one of the most significant deals amid a slump in the economy.

The buyer, LC Vision Capital 1, is a foreign fund started by Sino Suisse Capital, a closely held money manager operated by Albert Liu, former head of top net-worth customer management for China at UBS Asset Administration.

The 21 Borrett Road deluxe project comprises 152 property units, 242 auto garage plus 31 bike garage. CK Asset had earlier gotten to market four residential units and eight car-parking rooms to 3rd party investors.

” It is a great offer for CK Asset,” claimed Joseph Tsang, chairman of JLL in Hong Kong. “Although on the surface the ordinary quoted price is lesser what it marketed formerly at the project, it is not a very easy job to discover one sole buyer to consume all the remaining units at one purchase in this recent market, which is at the start of a disadvantage pattern.”

The transaction with Sino Suisse covers 148 unsold units, each with just one joining car-parking space, and an additional 86 car and also 31 motorcycle garage, according to the filing. The units were actually rated at HK$ 62,000 per square foot, while the excess vehicle as well as motor parking spaces were fixed at HK$ 5 million plus HK$ 300,000 each, respectively.

Klimt Cairnhill condo price

” Even if the boundaries reopen, we are not sure whether the mainlanders’ money can flow back into Hong Kong’s luxury housing market,” said Tsang. “So currently, it is definitely an appropriate decision to seal an arrangement, when you can spot a buyer to pay a reasonable value.”

Hong Kong’s freehold market has actually been hit hard in the last few years by the coronavirus widespread in early 2020 and even social agitation throughout 2019. The ultra luxury market, which is mainly maintained by mainland Chinese clients, has remained in the doldrums under more than 2 years of border closure and also vacation restrictions.


error: Content is protected !!