Latest news with #CKAssetHoldings
South China Morning Post
24-05-2025
- Business
- South China Morning Post
Safety documents for Hong Kong construction sites ‘should require e-signatures'
A Hong Kong construction industry leader has called on professionals to use electronic signatures for safety documents to help prevent fraud, after authorities uncovered a suspected bribery scandal involving a residential project in Kwun Tong. Earlier this week, the Independent Commission Against Corruption (ICAC) uncovered subcontractors allegedly offering bribes to supervisors to turn a blind eye towards subpar steel reinforcement works at a residential project handled by real estate giant CK Asset Holdings. Industry veterans on Saturday stressed that the alleged scandal was unacceptable but was likely an isolated incident. Authorities said they found rebar in the concrete of all six buildings at the site failed to comply with approved building plans as it was either missing, displaced, loosely arranged or thinner than required, missing, displaced or loosely arranged. The city's anti-corruption agency also alleged that site supervisors had accepted bribes from a subcontractor in exchange for lenient oversight of subpar construction practices intended to cuts costs and maximise profit. Hong Kong Construction Association vice-president Stephen Lee on Saturday said strict law enforcement was necessary to combat what he called an individual case. He said the industry should use technology to combat fraud and suggest such efforts target professionals who pre-signed safety documents without any thorough on-site checks.
South China Morning Post
23-05-2025
- Business
- South China Morning Post
Public needs answers on alleged corruption at Kowloon flats site
The structural integrity of major housing projects is paramount to public safety and confidence in construction standards. Revelations of defects are thankfully rare in Hong Kong. When they arise they warrant full public scrutiny and accountability. Advertisement A case in point is a bribery scandal at a CK Asset Holdings' residential project at Kwun Tong uncovered by the city's graft-buster. The Independent Commission Against Corruption (ICAC) alleges site supervisors accepted offers, including red packets and meals and entertainment, from a subcontractor seeking lenient oversight of subpar construction practices, in an attempt to maximise profits. Suspected offences range from bribery and accepting bribes, to conspiracy to defraud and using false documents. The scale of the alleged graft seems shocking, as does an apparent lack of oversight. Investigations revealed that steel reinforcement bars in concrete in all six buildings were either thinner than required, missing, displaced or loosely arranged. Advertisement Buildings Department inspectors also found that the number of main reinforcement bars in the structural components was, on average, 10 per cent below specifications, with deviations including spacing, thickness and positioning. But department officials said the overall structural integrity of the six buildings containing nearly 3,000 flats, including 1,000 starter homes, did not present an immediate danger, as the surrounding concrete wall design could compensate for the load-bearing requirements.
South China Morning Post
14-05-2025
- Business
- South China Morning Post
Homes market in need of more competition
The recent property downturn has paradoxically increased the market dominance of Hong Kong's three biggest developers. An estimated 60 per cent of new residential units this year and next will be delivered by Sun Hung Kai Properties (SHKP), CK Asset Holdings and Henderson Land, up from 40 per cent in the past two years. Meanwhile, mainland developers and smaller local players have steered clear of bidding for residential plots in the city during the downturn. Such market concentration is concerning and exposes too many of the city's housing needs to a few leading market players. Given the interest rate volatility and unpredictable global trade frictions creating an unstable macroeconomic environment, developers and buyers are both more comfortable investing in and buying smaller and more affordable units. New homes measuring up to 431 sq ft accounted for more than 60 per cent of all residential transactions in the past few months, up from nearly 50 per cent in 2024. A reduced stamp duty from February also helped generate greater buyer interest – a flat rate of HK$100 for homes worth up to HK$4 million, from the previous threshold of HK$3 million. All three big developers have extensive land banks and may more easily choose strategic locations to adjust to changing market conditions. The trend is to focus on small to medium-sized flats. For example, SHKP's Sierra Sea, a 9,700-unit project near Ma On Shan, has briskly sold more than 700 flats – ranging from 301 sq ft to 702 sq ft – in three rounds since April. Priced up to 20 per cent below the cost of existing nearby homes, it is one of Hong Kong's largest new residential estates since 1999.
South China Morning Post
11-05-2025
- Business
- South China Morning Post
CK Asset-backed NEXX Global turns to Middle East to hedge against rising US-China tension
Chinese companies are stepping up efforts to unlock business opportunities in the Middle East to hedge against worsening US-China trade ties, hoping to use the region as a springboard to expand into new markets in Africa and Europe. Advertisement They include Hong Kong start-up NEXX Global, a logistics platform operator backed by CK Asset Holdings, and Beijing-based franchise platform operator Tojoy, according to the company officials. NEXX, which uses generative artificial intelligence to help warehouses reduce costs and improve efficiency, will sign a memorandum of understanding with Qatari logistics group Milaha and Hong Kong-based Kerry Logistics during a trade mission this week. They aim to create market access in the six countries within the Gulf Cooperation Council (GCC). Hong Kong Chief Executive John Lee Ka-chiu is leading a delegation of local and mainland businesses to Qatar and Kuwait from this week to strengthen ties with the region. Bilateral trade between Hong Kong and the two Gulf nations reached US$1.8 billion last year, 40 per cent more than in 2018, according to government data. 08:23 China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland China unveils policy package to guard against US tariffs ahead of trade talks in Switzerland NEXX's Hui said Hong Kong companies could offer their expertise in technology and professional services to GCC companies as governments develop their non-oil sectors such as manufacturing, logistics and tourism. Advertisement Milaha, a maritime and logistics group established in 1957, will provide solutions including warehousing, customs clearance and last-mile delivery. Kerry will be responsible for business development and bringing customers to Doha, while NEXX will provide the fulfilment facility driven by its AI platform called NEXXBot.
South China Morning Post
08-05-2025
- Business
- South China Morning Post
SHKP, CK Asset, Henderson to dominate Hong Kong housing amid demand for small units
Three of Hong Kong's biggest developers – Sun Hung Kai Properties (SHKP), CK Asset Holdings and Henderson Land – are expected to dominate the housing market, as homebuyers increasingly prefer smaller flats amid economic jitters, according to JLL. Advertisement The trio were set to deliver 60 per cent of new residential units in 2025 and 2026, up from 40 per cent in 2023 and 2024, according to the property consultancy. Sales of class A units – measuring 431 sq ft or smaller – accounted for more than 60 per cent of all residential transactions in March, JLL said, up from nearly 50 per cent in 2024. A cut in the stamp duty, announced in February, helped drive those deals. 'Faced with potential interest rate volatility and macroeconomic instability, prospective buyers are increasingly adopting defensive strategies: either postponing purchases altogether or opting for smaller, more affordable flats,' said Norry Lee, JLL's senior director of projects strategy and consultancy in Hong Kong. 'Small lump sum units [have become] a safer choice in uncertain times.' Potential buyers queue up to buy flats in Sun Hung Kai Properties' Sierra Sea residential project at the International Commerce Centre on May 3. Photo: Elson Li The Hong Kong government relaxed its housing policies in February by lowering the stamp duty and applying a flat rate of HK$100 for homes worth up to HK$4 million (US$516,100), thus allowing more buyers to enjoy the benefits. The previous threshold was HK$3 million. Advertisement SHKP, CK Asset and Henderson will continue to remain the main suppliers of housing units, as mainland Chinese developers and smaller players have steered clear of bidding for residential plots in the city amid a property downturn.
