Li Ka-shing from Cheung Kong Holdings, the number one tycoon of Hong Kong real estate developer, recently announced that it will sell one of its most expensive property projects in Asia to a fund in Singapore for a super low price of $2.65 billion, the transaction is expected to be completed in March 2025.
According to media reports, Hong Kong’s residential property price index had fallen for three consecutive months to a record low before Li Ka-shing making the decision. Industry insiders stated that Cheung Kong’s act of selling off the remaining properties at low prices shows it is not optimistic regarding the Hong Kong real estate market in the coming years.
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