Business
Hong Kong Crisis Deals $7.7 Billion Blow to Property Tycoons – Bloomberg
CK Asset, Wharf, Sun Hung Kai have all been affected, and prime office rents may drop 15% to 20% in 2020, an analyst says.
After months of protests and Covid-19 restrictions, Hong Kong’s biggest property tycoons are feeling the pinch.
At Peter Woo’s Wharf Real Estate Investment Co., retail rental income plunged by almost a third in the first half of the year, leading to a loss and a HK$7.4 billion ($955 million) hit to its portfolio. Revenue from Hong Kong property sales at Li Ka-shing’s CK Asset Holdings Ltd. slumped by more than 60%. The Kwoks’s Sun Hung Kai Properties Ltd. slashed rents for some tenants, while t…
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