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China Halts Funding for Property Sale by Li Ka-shing’s CK Asset

  • Chengdu government is investigating suspected land hoarding
  • CK Asset’s former housing project probed by local government

China’s financial regulators have instructed banks to pull credit lines meant to finance the HK$2.5 billion ($323 million) sale of a Chengdu property by CK Asset Holdings Ltd., according to people familiar with the matter.

Billionaire Li Ka-shing’s firm said in July that it planned to sell its subsidiary developing residential complexes in one of the most expensive neighborhoods in the sprawling southwest city, and would provide financing for the buyers to complete the transaction.