{
  "id": 16853425,
  "title": "Why Hong Kong developer CK Asset sold a mall at an ‘exceptionally cheap’ price",
  "url": "https://urgent.news/2026/10/28/why-hong-kong-developer-ck-asset-sold-a-mall-at-an-exceptionally-16853425",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-28T05:00:10.000Z",
  "source": {
    "name": "SCMP Business",
    "slug": "scmp-business",
    "url": "https://www.scmp.com/business/article/3372389/why-hong-kong-developer-ck-asset-sold-mall-exceptionally-cheap-price"
  },
  "original_language": "en",
  "account": "CK Asset Holdings, a developer flagged by billionaire Li Ka-shing, recently sold a Hong Kong shopping mall at \"exceptionally cheap\" price, freeing up capital for new ventures. The vacant property, Seaside Sonata, was developed five years ago in Sham Shui Po's residential project, but never leased to tenants. The developer completed the mall along with a batch of parking spaces and sold them for HK$179.77 million (US$23 million). Analysts say the low price per square foot for the retail portion, HK$2,996, reflects the decline in commercial and industrial property prices in the city and provides an opportunity for restructuring property portfolios. The buyer, identified as Assets Master, is expected to be a long-term investor due to the challenging current business environment, which is not favourable for finding tenants in the short term. Stanley Poon Chi-ming, a managing director, noted the sluggish market on Hai Tan Street, where the property is located, citing low pedestrian traffic and the presence of old tenement blocks. The property, comprising 38 retail shops, 13 car spaces and six motorcycle spaces, was put up for sale through a public tender closed in mid-June. The developer had never offered the retail shops for lease, and the units' smaller size and scattered locations across different towers may deter potential buyers. This is not the first time CK Asset has sold a Sham Shui Po retail property developed with the Urban Renewal Authority; in August 2025, they sold a 53,200-square-foot podium retail space to City University of Hong Kong for HK$423.6 million, which was later converted into a veterinary medical centre.",
  "summary": "With the “exceptionally cheap” sale of a vacant Hong Kong shopping mall, developer CK Asset Holdings is freeing up capital for other projects, while the buyer will have to be patient because the location will struggle to attract tenants in the short term, according to analysts. The developer completed the mall in its residential project Seaside Sonata on Hai Tan Street in Sham Shui Po five years…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "New Straits Times",
        "title": "Syngenta targets valuation of at least US$66 billion in Hong Kong IPO",
        "url": "https://urgent.news/2026/10/28/syngenta-targets-valuation-of-at-least-us-66-billion-in-hong-kong-ipo",
        "published": "2026-10-28T04:07:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}