Hong Kong developer CK Asset set to weather ‘stress test' conditions, chairman says
CK Asset Holdings , the flagship property developer of Hong Kong billionaire Li Ka-shing 's family, will weather the 'doldrums' in the city's commercial leasing market amid global economic uncertainties, according to chairman Victor Li Tzar-kuoi.
'No industry in this world is always well-performing, and demand for Hong Kong's retail and office properties is indeed slow at the moment,' the eldest son of Li Ka-shing said during the company's annual general meeting on Thursday.
'With approximately 88 per cent of our profit contribution coming from projects with recurring income, we are able to withstand the challenges of the local leasing market,' Li added.
It will take time for the Hong Kong office market to emerge from its malaise, he said.
The overall occupancy rate of CK Asset's current investment property portfolio in Hong Kong was around 86 per cent, Li said.
Property agents estimated that CKC II, the developer's new tower in Admiralty, was 20 per cent occupied. Li did not provide occupancy figures for the building.
'We hope that when the market improves, CKC II's leasing performance will be better and better,' he said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Pop Mart's Labubu becomes bait for China's Ping An Bank to lure young customers
Hoping the world's trendiest monster will scare up some new customers, China's Ping An Bank is rewarding those who open new accounts with a Pop Mart Lababu doll amid fierce competition for young customers among Chinese retail banks. New clients who open a savings account and deposit more than 50,000 yuan (US$6,954) for at least three months could receive a blind box from the first or second series of the Chinese toy retailer's popular collectibles, according to media reports. Customers who also apply for a credit card could receive a blind box from the third series. With its pointy ears, sharp teeth and mischievous grin, Labubu has attained viral popularity among young consumers worldwide and driven a heady rise in Pop Mart's revenue and share price . The plush figures – often sold in opaque boxes so that buyers cannot know exactly which one they are getting – typically retail for around 99 yuan on the mainland, but they sell for considerably more in other regions, such as the US and Middle East . Prices can soar on the secondary market due to high demand and limited supply. Ping An Bank's campaign with the sought-after figure quickly drew attention and went viral on RedNote, an Instagram-style platform popular for lifestyle tips. In a post on Monday that garnered more than 1,100 likes overnight, a Sichuan province-based user called Ouqixilanhua claimed to have rushed to a local branch after learning of the giveaway. 'I opened a [bank] account and made a deposit right away,' the user said. 'Money has to be saved somewhere, and I couldn't pass up a free collectible.' Shen Meng, a director at Beijing-based investment bank Chanson & Company, said Chinese retail banks were struggling to attract and retain young customers amid low interest rates, while the number of retail banks 'far exceeded' what the market needed. The total number of retail banking customers was on the decline as the country's population was dropping and ageing, with overall income levels slipping and unemployment running high among young people, Shen added.
South China Morning Post
2 hours ago
- South China Morning Post
China-Niger ties challenge Beijing's cornerstone non-interference policy
Since the 2023 coup that ousted the president of Niger , Mohamed Bazoum, Beijing has consistently sought to strengthen relations with the country's military government. In line with its non-interference policy , one of the cornerstones of China's foreign policy that states that countries should not meddle in the domestic political, economic or social systems of other countries, China swiftly embraced the military junta in Niger. Notably, China provided the new military government with a substantial financial lifeline of about US$400 million in the form of an oil-backed loan to be repaid via crude oil shipments over 12 months, which helped address an immediate cash shortage. 16:09 How China is reshaping its economic ties with Africa How China is reshaping its economic ties with Africa Yet relations with China have been strained since March when the junta expelled three Chinese oil executives over disparities between the salaries of expatriate staff and lower-paid local workers and revoked the licence of a Chinese-owned hotel in Niamey, citing 'discriminatory practices and administrative violations'. The dispute escalated last month when Niger ordered China National Petroleum Corporation (CNPC) and its Soraz oil refinery to terminate the contracts of expatriate employees with more than four years' service. Observers said Niger's dispute with Chinese oil companies underscored the limits of Beijing's non-interference policy – a long-standing Chinese policy which, in practice, meant China remained essentially regime-agnostic. This approach, while intended to avoid entanglement in domestic affairs, incurred significant economic costs for Beijing, especially as some nations were experiencing a rise in nationalism, they added. According to Paul Nantulya, a China-Africa specialist from the National Defence University's Africa Centre for Strategic Studies in Washington, China's policy entails regime strengthening since Beijing tends to invest heavily in the economic priorities of the regimes or ruling parties in question.
South China Morning Post
3 hours ago
- South China Morning Post
Hong Kong leader rejects taxi licence buy-back amid ‘irreversible' ride-hailing trend
Hong Kong's leader has rejected a proposal from the taxi industry for the government to repurchase licences that have depreciated in recent years due to competition from online ride-hailing services, claiming that the licences had always given cabbies exclusive rights. Advertisement Chief Executive John Lee Ka-chiu on Tuesday also said online ride-hailing was an 'irreversible trend', as he pledged to provide a regulatory framework for such platforms as soon as possible while urging taxi drivers to improve their services amid public criticism. Some leaders within the taxi trade had recently called on the government to repurchase licences for HK$5 million (US$637,100) each. They contended that its value had consistently depreciated with the rise of online ride-hailing platforms like Uber. The value of a licence has plummeted from a historic high of HK$7 million to below HK$3 million in recent months, resulting in significant financial losses for owners. 'We must be very cautious when it comes to using public funds,' Lee said when asked if he would consider the suggestion. Advertisement Lee argued that the licenses had given the sector an 'exclusive privilege' to operate the vehicles, such as using the taxi ranks, picking up passengers in designated restricted areas and getting customers from the street. 'These usages of the taxis, which are granted for a long time under the exclusive privileges of the license, have led to a direct profit on these licenses. It has also allowed taxis to gain profits under this form of operation for a long time,' he said.
