Latest news with #CKAssetHoldings
South China Morning Post
5 days ago
- Business
- South China Morning Post
Tsz Shan publishes 10th anniversary book, offering a peek into Li Ka-shing's philosophy.
The Tsz Shan Monastery, built by the Li Ka Shing Foundation, has published a new book, offering a peek into the philosophy and wisdom of Hong Kong's wealthiest man, whose own rags-to-riches life story has inspired generations of entrepreneurs. Titled 'Eternity in Light', the five-chapter tome was published to mark the monastery's 10th anniversary, featuring writings by scholars of Buddhism and professors of architecture about the landmark in Tai Po in Hong Kong's New Territories. The Li Foundation was the temple's main benefactor, contributing HK$3.5 billion (US$446 million) towards its land acquisition, construction costs and operating expenses, according to its website. The monastery had been preparing the book for a long time, according to a source familiar with the matter. Still, its release came days after Li's flagship company CK Asset Holdings had to rebut rumours of a purported sale of his family home of more than six decades, amid a spate of disposals by other indebted property owners and wealthy families. CK Hutchison Holdings , the second flagship of the Li family, also faces increased scrutiny from both Beijing and Washington regarding the company's plan to sell a portfolio of 43 international ports, including terminals at the Panama Canal, amid heightened geopolitical tensions. Li Ka-shing, Hong Kong's wealthiest man. Photo: Handout Li, who turned 97 last month, has been dubbed Hong Kong's 'Superman' for his perspicacity and deal-making prowess. Since 1980, his namesake foundation has given away more than HK$30 billion to support education, medical services, charity and poverty relief in Hong Kong, mainland China and all over the world.
South China Morning Post
5 days ago
- Business
- South China Morning Post
Tsz Shan publishes 10th anniversary book, offering a peek into Li Ka-shing's philosophy
The Tsz Shan Monastery, built by the Li Ka Shing Foundation, has published a new book, offering a peek into the philosophy and witticism of Hong Kong's wealthiest man, whose own rags-to-riches life story has inspired generations of entrepreneurs. Titled Eternity in Light, the five-chapter tome was published to mark the monastery's 10th anniversary, featuring writings by scholars of Buddhism and professors of architecture about the landmark in Tai Po in Hong Kong's New Territories. The Li Foundation was the temple's main benefactor, contributing HK$3.5 billion (US$446 million) towards its land acquisition, construction costs and operating expenses, according to its website. The book comes just days after Li's CK Asset Holdings rebutted rumours that the family was selling its residence of more than fifty years, after some of Hong Kong's wealthiest families and property investors had to let go of their assets to ease financial strains. CK Hutchison also faces increased scrutiny from both Beijing and Washington regarding the company's plan to sell a portfolio of 43 international ports, including terminals at the Panama Canal, amid heightened geopolitical tensions. A source familiar with the matter said the Tsz Shan Monastery had been preparing the book for 'a long time'.
South China Morning Post
04-08-2025
- Business
- South China Morning Post
Li family home in Hong Kong is ‘not for sale,' CK Asset says in rebuke to ‘false' rumour
Hong Kong's wealthiest family denied that their residence of more than half a century is up for sale, as CK Asset Holdings issued an unusual rebuttal of rumours that have circulated for days on social media. Social media speculation of the impending sale of 79 Deep Water Bay Road was 'entirely fabricated', 'false' and 'groundless,' CK Asset said in a statement on behalf of the company's chairman and managing director, Victor Li Tzar-kuoi 'The reports and posts on certain websites and social media platforms regarding the sale of 79 Deep Water Bay Road are entirely fabricated, speculative, and lack any factual basis,' CK Asset said in a statement on Monday. Li, who was raised in the family home, said many 'made up' rumours involving himself and his family had been circulated online. 'Some are illogical, others are simply deceptive,' he said in the statement. 'Given the rise in scam cases, I urge the public and media not to trust or spread such rumours to avoid potential losses.' Tycoon Li Ka-shing (centre) left the Harbour Grand Kowloon Hotel in Hung Hom after attending his final annual general meeting as the chairman of CK Group on May 10, 2018. He retired after the general meeting. Photo: Sam Tsang
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.
