CK Asset sold its Hong Kong project known as 21 Borrett Road located at Mid-Levels, for HK$ 20.8bn ($2.6bn) to LC Vision Capital 1, an offshore fund managed by Singapore based Sino Suisse Capital. CK Asset is expected to make a profit of HK$ 6.3bn ($800mn) on the sale. The project was valued at HK$ 26.7bn ($3.4bn) by Cushman & Wakefield in February last year. Joseph Tsang, chairman of JLL in Hong Kong said, “It is a very good deal for CK Asset. Although on the surface the average price tag is below what it sold previously at the project, it is not an easy job to find one single buyer to take all the remaining units at one go in this market, which is at the beginning of a downside cycle.” As per real estate service company Savills, luxury properties in Hong Kong depreciated quicker than anywhere in the globe in the 1H 2022 with a dip of 3% in capital value.
CK Asset’s USD 3.8% Perp traded flat 76.25 to yield 5.1%.
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