Li Zeju responded, Li Ka-shing discounted

Release time:May 27, 2024 17:37 PM

After the 14-year-old property market "dirty tricks" were completely withdrawn, Hong Kong's property market has turned prosperous. Cheung Kong Group, owned by Li Ka-shing, frequently sells properties at discounts during this important window period, which has attracted market attention.

Industry insiders said that Cheung Kong Group is seizing the opportunity of the market rebound to clear inventory. With Hong Kong's overall "removal of hotness", the Hong Kong real estate market has experienced a boom since March. However, starting from late May, the popularity of the Hong Kong market has declined slightly.

Starting from May 19 this year, the residential project "#LYOS" in Hung Shui Kiu in the northwest New Territories of Hong Kong, owned by Cheung Kong Group, has been publicly sold, including 14 units in stratified buildings and 14 units in garden duplexes. In terms of price, units in strata buildings are priced at a maximum discount of approximately 25% compared to the initial public offering price, and garden duplex units are priced at a maximum discount of approximately 32%.

Information shows that the 14 units of the "#LYOS" stratified building launched by Cheung Kong Group this time include open-plan, 1-bedroom and 2-bedroom units. The cheapest unit has a usable area of 202 square feet. After deducting the maximum applicable discount, the contract price is approximately HK$2.999 million.

Cheung Kong Group senior sales manager Leung Cheuk-hang said that with the market adjustment in the past two years, the selling price launched this time has been discounted, which is expected to attract people who are interested in buying properties in the northwest New Territories of Hong Kong to enter the market.

Since the Hong Kong real estate market "reduced its popularity" this year, the Hong Kong real estate market has rebounded sharply, and the properties under the Cheung Kong Group have been "sold out."

In April, Cheung Kong's "BlueCoast" real estate project on the south coast of Hong Kong Island at Wong Chuk Hang Station went on sale for the first time at a "low-end price", with 422 units for sale at an average price of HK$21,900 per square foot. The cost of the project About 28,000 Hong Kong dollars per square foot; the average project price is actually lower than other real estate prices in the same area, and compared with surrounding second-hand housing prices, it is equivalent to a 30% discount.

On the opening day, 406 of the 422 residential units launched in the first round of "BlueCoast" were sold on the same day. The actual selling price of a single suite after discount ranged from HK$8.78 million to HK$26.494 million.

Asked about the sales plan of "BlueCoast", Zhao Guoxiong, executive director of Cheung Kong Group, said that the property market has just begun to recover and the selling price should follow the market price. He mentioned that the current property prices should have reached the "bottom", which is a good time for Hong Kong residents to enter the market. However, as the economy improves, prices will slowly adjust upward.

In addition, the pricing of the nine-unit units in another project of Cheung Kong Group, "Mingri Jiudu Mountain", has also been significantly reduced by 23% to 32%.

Why does Cheung Kong Group frequently sell properties at discounts? Yan Yuejin, research director of E-House Research Institute, believes that it is mainly related to factors such as location. "Often when the location is a little off, or there are other plans nearby, you will encounter some new problems and pressures. At this time, as a company, you need to speed up the development of a destocking strategy. The essence of Cheung Kong Group's discounted sales of properties is The reason is still because we hope to use recent policies to speed up the disbursement and withdrawal of funds,” he said.

Regarding the frequent sale of properties at discounts, at the annual general meeting of shareholders on May 23, Li Zeju, chairman and managing director of Cheung Kong Group, responded, "The pricing of properties cannot be generalized. It is based on the different conditions of each property, including location, Determined based on traffic, surrounding environment, and market environment at that time."

Li Zeju, Chairman and Managing Director of Cheung Kong Group, at the 2023 Annual Results Report Meeting

Li Zeju said that he is as optimistic about Hong Kong's economy as ever. When asked about his future investment direction, he replied that as long as there are high-quality assets with ideal returns, whether in Hong Kong, the Mainland or elsewhere, he will consider them; at the same time, more and more international companies and international family offices have settled in Hong Kong. As its market position as an international financial center becomes increasingly consolidated, Hong Kong's economic confidence will also be better, which is conducive to long-term development.

In fact, Cheung Kong Group does face inventory pressure. Cheung Kong Group’s latest financial report for 2023 shows that the company currently has a developable land bank of approximately 74 million square feet, of which 7 million square feet are located in Hong Kong. In addition, for the whole year of 2023, real estate sales revenue decreased by 29% year-on-year to HK$13.153 billion, of which sales revenue in Hong Kong was HK$5.84 billion, a 60% decrease from the previous year.

Will the transaction volume continue to rise after the Hong Kong property market is completely "removed"?

Since the Hong Kong property market was completely "removed" on February 28, the property market has heated up rapidly.

According to data released by the Rating and Valuation Department of the Hong Kong SAR Government, Hong Kong's private residential price index was 305.7 in March, ending a 10-month decline trend and rising by approximately 1.06% month-on-month.

Experts in the real estate industry believe that the performance of the property market is better than expected, which is believed to be due to the surge in purchasing power after the SAR government adopted a comprehensive "elimination" of the property market. The effect of "removing spicy food" is better than expected. After structural changes, the foundation of the entire market will improve.

Data show that although the Hong Kong property price index rebounded month-on-month in March, it still recorded a year-on-year decrease of approximately 13.23%. Based on data from the first quarter of this year, the property price index fell by 3.5% month-on-month, but the decline has narrowed significantly compared with the previous two quarters.

Chen Haichao, director of the research department of Lijia Ge Real Estate, analyzed that the performance of the Hong Kong property market in March this year was better than expected. It is believed that the purchasing power surged after the comprehensive "removal of spicy food", which stimulated the overall property price to rebound at a low level and drove the property price index to rebound sharply. Looking forward to the future, the overall property market ecology has changed after the comprehensive "removal of spicy goods", and various buyers and investors are actively entering the market. It is expected that the overall market atmosphere will be stable and good in the next few months, which can drive the property price index to continue to rise steadily.

However, the popularity of Hong Kong's property market dropped slightly in late May. On May 23, data released by Centaline Real Estate showed that the number of viewings for the top ten housing estates during the weekend recorded 439 reservations, a week-on-week decrease of 11.8%, setting a new low in the past 12 weeks. Some Hong Kong real estate analysts said that since the end of February, the number of first-hand transactions in Hong Kong has recorded nearly 7,000, accounting for about 67% of last year. The property market now needs to breathe and recover.

comment

Economic Daily: To enhance confidence, determination, and patience in the A-share market, there has been an increase in recent stock market fluctuations | financing amount | A-shares

Recently, the volatility of A-shares has increased, and some investors have experienced ups and downs in their emotions, feeling anxious and uneasy. This reflects that some funds do not have a clear understanding of the current situation, and there may even be emotional venting. The primary task for all parties involved in the current market is to clear the fog of obstacles, have a clear understanding, strengthen confidence, determination, and patience. Firm confidence. The core factors related to the long-term performance of A-shares, such as fundamentals and liquidity, are still relatively stable and continuously improving. In terms of macroeconomic fundamentals, from the situation in April, the year-on-year growth rate of China's main production demand indicators has rebounded significantly, the economic operation continues to recover, and positive factors have accumulated and increased. In terms of liquidity, the market liquidity has always remained reasonable and abundant, with a M2 balance of 280.85 trillion yuan at the end of April, a year-on-year increase of 12.4%; Meanwhile, residents

Building a unified market requires adhering to problem oriented resources | economy | market

Building a unified national market to welcome new developments. The recently held executive meeting of the State Council discussed the overall work plan and recent measures for implementing the deployment of building a unified national market. The meeting emphasized the need to carry out special governance on prominent issues of local protection and market segmentation in key areas, and to focus on them for a long time to ensure tangible results are achieved. The market is an effective means of optimizing resource allocation, and building a unified national market is the fundamental support and internal requirement for building a new development pattern. Only by accelerating the construction of a unified national market, thoroughly breaking through the blockages, bottlenecks, and breakpoints in the economic cycle caused by local protection and market segmentation, and promoting the smooth flow and efficient allocation of commodity factor resources on a larger scale, can we fully leverage the advantages of China's economy in depth, breadth, and super large scale markets, and promote the development of China's market

Leaders and cadres must see! Study Times Summary Survey and Research on "Ten Appropriate and Ten Taboos"

Investigation and research is the heirloom of our party, the foundation of planning and the way to success. At the time of Daxing investigation and research to promote the investigation of the actual situation, practical measures, and development, it is necessary to accurately grasp the Party Central Committee's proposal that "we must adhere to the party's mass line, we must adhere to the principle of seeking truth from facts, we must adhere to the problem orientation, we must adhere to the basic principle of" overcoming difficulties, and we must adhere to the concept of system ". In preparation in advance, it is advisable to "take questions with you" and avoid "leaving as you say". Do not sharpen the knife and cut firewood by mistake, and do not fight unprepared battles. "If a worker wants to do a good job, he must first sharpen his tools" and make preparations "before the war" before "going out". It is appropriate to "the troops and horses are not moved, and the food and grass are first". As far as research is concerned, "grain and grass" is the research plan. In addition to the preparation of the investigation and study procedures for business trips or reporting,

Intelligence personnel holding secret meetings on board the ship? 21 people falling into the lake, 3 deaths Israel | Italy | Intelligence personnel

The capsizing of an Italian cruise ship is still fermenting. On May 28th local time, a tourist boat carrying 23 people capsized in Lake Maggiore in northern Italy, with 19 people rescued and 4 missing. On May 29th, the Italian fire emergency department confirmed that the incident resulted in four deaths, including two Italian intelligence personnel, a former member of the Israeli security forces, and a Russian woman. The Italian security department stated that two of the deceased were Italians, a 62 year old male and a 53 year old female, both of whom worked for the country's intelligence agency. The Israeli Ministry of Foreign Affairs confirmed that one of the deceased was in his fifties and had previously served in the Israeli security forces. According to media reports, the fourth victim was a 50 year old Russian woman who was the companion of the captain of the ship involved in the incident

Finding the return capsule as soon as possible in the Gobi, this communication support team is indispensable. Team | Communication | Communication Support

In the return search mission of the Shenzhou spacecraft, timely and stable communication is an important factor in determining whether the search and rescue team can find the return capsule and rescue astronauts in a timely manner. At the Dongfeng landing site, there is a team distributed among professional search and rescue forces in the air and on the ground, providing communication support for astronaut search and rescue decision-making and command. The fourth landing point forecast for Beijing has been issued, Xiongying. Xiongying understands that the longitude of the landing point is 100 degrees and 05 minutes east longitude. This is a comprehensive exercise for the return of the Shenzhou-15 spacecraft to the entire system. The communication team of the aerial team has just received the final landing point forecast, and they need to land and complete the first communication link construction of the return module landing point in the shortest possible time. They need to transmit images and voice to Beijing as soon as possible, so that the whole country can see the health status of the astronauts. CCTV reporter Shen Ling: In Flight

Important news

Xi Jinping will attend the opening ceremony of the 10th Ministerial Conference of the China-Arab States Cooperation Forum The Political Bureau of the CPC Central Committee held a meeting and Xi Jinping presided over the meeting The first point of view丨Catch a good style and improve efficiency - Zhejiang story of institutional efficiency construction Business environment | Xi Jinping | Institutional efficiency Focus on the central task and make good use of the key move - General Secretary Xi Jinping's important speech presided over a symposium of enterprises and experts to encourage the cadres and the masses to continue to push the reform forward System Integration | Xi Jinping | Cadres Pay attention to the practical sequel of comprehensively deepening reform, this symposium Firm confidence in reform and contribute to the promotion of Chinese-style modernization - Participants talked about learning and implementing the spirit of General Secretary Xi Jinping’s important speech at the enterprise and expert symposium | Xi Jinping | Contribution

Political situation

In 2024, Shanghai launched a series of activities with the theme of national defense education to jointly build the Great Wall of China Shanghai Fourth Hospital successfully treated a patient with complex type A aortic dissection with multidisciplinary treatment A new chapter of local cooperation and exchanges was opened, a letter of intent for friendly cooperation and exchanges was signed, and Mayor Gong Zheng led a delegation to visit New York, USA.What was their biggest takeaway? , 30 outstanding teachers from Shigatse came to Shanghai to study and exchange Better empower Shanghai’s “five centers” and modernization construction! Chen Jining investigates the progress of blockchain innovation work Studying the construction of ideological and political courses in schools and the development of tourism, the Standing Committee of the Municipal Party Committee conveyed the spirit of General Secretary Xi Jinping’s important speech

Economics

How much "burden burden" can be reduced by buying a house? One of the interpretations of the "New Shanghai Nine Rules" in the property market: Who will no longer have purchase restrictions?Exhibitors and institutions from more than 80 countries and regions are here! ITB Shanghai International Travel Expo opens Can those who have already bought a house and taken out a loan enjoy it? Interpretation 2 of the "New Shanghai Nine Rules" on the property market: Mortgage interest rates will be lowered again When will we stop fighting again and again? Washing workshops are hidden in self-built houses in rural areas and built illegally, directly discharging waste gas and waste water.The minimum down payment ratio for a first home is no less than 20%, big deal! Shanghai releases 9 real estate market optimization and adjustment policies "Shanghai State-owned Assets and Enterprises Red Gene Exhibition" launches today

Regional situation

Are the youth mode and anti-addiction system not attractive enough? High school students asked legal experts: Can it be optimized?What do residents care about most? Minhang held a big discussion around "electric bicycle governance", which is convenient, safe and affordable More than 30 beef companies witnessed the first transaction, and the Lingang Argentinian Imported Goods Bonded Exhibition and Trading Center opened Tell the story of "civilian epic"! Shanghai-style spy drama "Towards Yan'an" kicks off its national premiere in Pudong Huangpu District held a theme event to commemorate the 75th anniversary of the liberation of Shanghai. The red flag fluttered on the Qiyun Pavilion of Yongan Department Store. Today Shanghai Disneyland launches new shows for a limited time in summer! Embark on a "rhythmic adventure" with music

Viewpoint

How can Internet celebrities act as they please when they have money? Many anchors who “showed off their wealth” stopped broadcasting.The "Fat Cat" incident reversed, and Peking University was forced to refute the rumors... Who will deal with the "traffic promoters"?Why is it important?, "Cucumber shooting" is no longer claimed What does a “simpler” sale mean? , Tmall and JD.com successively announced the cancellation of “618” pre-sales "Strong people" and "light people" are always suitable | Written in "May 4th", enterprising life Is Mr. Lu Xun an "old smoker"? ,ask again

Vision

A new leap in productivity·The power of the source｜Shanghai carries out construction and sharing of intelligent classification and classification systems for robots|Fourier|Build Witness the grandeur of Shanghai in 1949 with a "citywalk"Revealing the most popular car in the Norwegian market, Kechuangpai｜Check in to the Tesla Shanghai Gigafactory Becoming the most popular car on the market, Tesla produced in Shanghai Gigafactory opens to the Norwegian market The wreckage of the fuselage has been found, sudden! Iranian President and Foreign Minister Killed in Helicopter Accident Here is the solution! China International Kitchen and Bathroom Facilities Exhibition was held