Hong Kong Property Giant Buys Land for Price at Eight-Year Low
- CK Asset wins plot at Kai Tak for a price far below estimate
- Underscores how property slump is hurting government finances
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A leading Hong Kong developer has won a bid for land in a traditionally expensive area for the lowest price in eight years, in another sign of the city’s weakening real estate market.
Tycoon Victor Li’s CK Asset Holdings Ltd. won the site designated for residential and commercial use in Kai Tak, the former airport area, for HK$8.7 billion ($1.1 billion), the government said late Wednesday. The bid translates to HK$6,138 per square foot, the lowest since 2014, according to Midland Holdings Ltd.