Cheung Kong Property's Chiu Seeks to Sell 3,000 Units This Year

  • Plans on meeting or exceeding last year's HK$30 billion sales
  • Ability to meet sales target depends on government approvals

Cheung Kong Property Holdings Ltd. isn’t planning to alter its average pace of home sales in Hong Kong despite the property downturn, company executive director Justin Chiu said on Friday.

Justin Chiu.

Justin Chiu.

Photographer: Jerome Favre/Bloomberg

"We always look at ourselves as a factory, so every year we can release about 3,000 units to the market," he said in an interview. "We hope to at least match last year’s figures in terms of units and even in turnover," he said. The group, founded by billionaire Li Ka-shing, achieved HK$30 billion ($3.9 billion) in Hong Kong sales last year.

Rising interest rates and a slowing economy have spurred an 11 percent decline in home prices since September in Hong Kong, and they could slide 30 percent this year, according to Bocom International Holdings Co.’s Alfred Lau. Chiu said the company’s ability to achieve its sales target depends less on market conditions than on government approvals for the seven projects it plans to launch this year.

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