Billionaire Li Ka-Shing’s CK Asset Sells Hong Kong Properties To Singapore Fund For $2.65 Billion

CK Asset Holdings, the flagship property developer of Hong Kong’s wealthiest person, Li Ka-shing, has agreed to sell some of its real estate assets for HK$20.8 billion ($2.65 billion).

ORIC-Borrett agreed on Wednesday to purchase CK Asset’s one and only share in Aim Clever Holdings, a subsidiary of the developer that owns 152 residential units, 242 residential car parking spaces and 31 motorcycle parking spaces, located at 21 Borrett Road in Hong Kong’s Mid-Levels district. The transaction is expected to be completed by March 2025.

ORIC-Borrett is owned by a sub-fund of the Singapore wealth management company Sino Suisse’s fund LC Vision Capital VCC, according to a Hong Kong Stock Exchange filing issued late Wednesday.

CK Asset stands to book a gain of HK$6.3 billion from the deal, which is slated to be used for general working capital purposes.

It’s the second property transaction by CK Asset this year. In March, the developer’s subsidiary CK Steel Holdings sold its shares worth £729.2 million ($788 million) in Bluebutton Holdco 5 Broadgate (Jersey), a company that owns commercial properties in London.

The 21 Borrett Road project set a record last year for selling the most expensive apartment in Asia at a price of HK$459 million, or HK$136,000 per square foot, according to a Bloomberg News report. The record was surpassed nine months later when Wharf Holdings and Nan Fung Development sold an apartment on the Peak for HK$640 million, or HK$140,800 per square foot.