Billionaire Li Ka-shing’s CK Asset sells luxury Mid-Levels project to Singapore fund for US$2.6 billion in surprise deal amid market wobble
- The buyer, LC Vision Capital 1, is an offshore fund managed by Sino Suisse Capital, a closely held money manager run by Albert Liu
- It’s ‘a good deal’ for CK Asset as mainland buyers are shut from border restrictions, says JLL
Li’s flagship property company CK Asset Holdings agreed to sell its project known as 21 Borrett Road at Mid-Levels for HK$20.8 billion (US$2.6 billion) to pocket a HK$6.3 billion profit, according to a stock exchange filing late on Wednesday. The transaction is expected to be completed by March 2025, it added.
The buyer, LC Vision Capital 1, is an offshore fund founded by Sino Suisse Capital, a closely held money manager run by Albert Liu, former head of high net-worth client management for China at UBS Asset Management.
The 21 Borrett Road luxury project comprises 152 residential units, 242 car parking spaces and 31 motorcycle parking spaces. CK Asset had earlier contracted to sell four residential units and eight car-parking spaces to third-party buyers.
The transaction with Sino Suisse covers 148 unsold units, each with one accompanying car-parking space, and an additional 86 car and 31 motorcycle parking spaces, according to the filing. The units were priced at HK$62,000 per square foot, while the excess car and motor parking spaces were pegged at HK$5 million and HK$300,000 each, respectively.
