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Cheryl Arcibal

CK Asset Holdings and Henderson Land Development said they were struggling with weak property sales in Hong Kong and mainland China amid a prolonged real estate slump.
Revaluation losses on the developers’ investment properties put additional pressure on their bottom lines, according to separate disclosures filed with Hong Kong’s stock exchange on Thursday.
CK Asset, one of the flagships of Hong Kong’s wealthiest man Li Ka-shing, said 2024 net profit fell more than 21 per cent to HK$13.65 billion (US$1.8 billion). Analysts, according to a Bloomberg survey, expected a profit of HK$13.57 billion.
Henderson, whose founder Lee Shau-kee died earlier this week, said its 2024 profit declined by nearly a third to HK$6.3 billion, which included a fair-value loss of HK$2 billion. Analysts, according to Bloomberg, expected a profit of HK$9.5 billion.
The group’s earnings included a gain of HK$1.4 billion from the sale of a 25-storey mixed office and retail building called Harbour East in North Point to Li Ning, China’s largest sportswear manufacturer.
CK Asset’s co-developed projects in Aberdeen and Ap Lei Chau sold out. But that was not enough to offset an 84 per cent plunge in home sales on the mainland, which dragged the group’s property sales revenue down by 47.7 per cent to about HK$10 billion. Rental revenue rose 3.8 per cent to HK$6.1 billion, aided in large part by overseas assets like the Civitas Social Housing trust in the UK.
“The global economy is expected to remain challenging in 2025”, said CK Asset chairman Victor Li Tzar-kuoi.
“The divergence in growth momentum, monetary policies and interest rate movements across major economies will be shaped by policy shifts, increasing economic fragmentation and the changing political landscape.
“Ongoing geopolitical tensions, trade protectionism and uncertainty will continue to affect global growth prospects.”
CK Asset owns Greene King, which operates a chain of UK pubs. Its revenue increased 5.2 per cent to HK$24.2 billion, although its profit contribution fell by about 46 per cent to HK$539 million due to an asset impairment provision.
“The group stands ready to deploy capital and invest in different sectors and geographies worldwide when suitable opportunities arise,” Li said, adding that the company would continue to seek investments with “high structural liquidity and sustainable returns”.
“Hong Kong and the mainland remain important markets for the group.”
Henderson, which launched new Hong Kong projects like phase 2 of Belgravia Place in Cheung Sha Wan and Eight Southpark in Ma Tau Kok in February and March, respectively, said its revenue from property development declined 16 per cent to HK$12.3 billion.
The developer is set to launch 13 residential and commercial projects this year including those that are part of joint ventures. These projects will include 6,196 new units with a gross floor area of about 3.22 million square feet.
On the mainland, revenue for property sales dropped 12 per cent to 7.5 billion yuan (US$1 billion), Henderson said.
Co-chairmen Peter Lee Ka-kit and Martin Lee Ka-shing said that the mainland’s development of artificial technology and Hong Kong’s supportive measures for the property industry could help the segment.
“However, the impact of the policies of the new US administration on global trade and interest rate movements remain uncertain,” they said.
In addition, the Lees mentioned the passing of their father. The said the board would continue to advance his goals.


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‘The global economy is expected to remain challenging in 2025’, says CK Asset chairman Victor Li Tzar-kuoi


‘The global economy is expected to remain challenging in 2025’, says CK Asset chairman Victor Li Tzar-kuoi.


CK Asset, Henderson Land say they face ‘uncertainties’ as they missed 2024 profit targets

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}‘The global economy is expected to remain challenging in 2025’, says CK Asset chairman Victor Li Tzar-kuoi

‘The global economy is expected to remain challenging in 2025’, says CK Asset chairman Victor Li Tzar-kuoi