CK Asset hits 5-week high after winning tender to buy Hong Kong site

Henderson Land Development Co

22/12/2022 03:30

** Shares of CK Asset  1113.HK  climb 2.4% to HK$48.15, 
highest since Nov. 16, after the Hong Kong-based property
developer wins a government tender to buy a residential site in
the city at a bargain price as developers shy away amid soft
housing market
    ** Stock set for the biggest daily pct rise since Dec. 9;
sixth biggest pct gainer in Hang Seng Property Index  .HSNP  
    ** Hong Kong government says CK Asset's unit has won a
tender for a residential site in Kowloon's Kai Tak for HK$8.7
bln ($1.12 bln), beating other developers including Henderson
Land  0012.HK  and Sino Land  0083.HK   urn:newsml:reuters.com:*:nP8N33601H 
    ** The winning bid is much lower than a range of HK$12 bln
to HK$14.9 bln estimated by 4 surveyors polled by Reuters  urn:newsml:reuters.com:*:nL4T33A2D0
    ** The Hang Seng Property Index  .HSNP  climbs 1.8%, and
Hang Seng Mainland Properties Index  .HSMPI  gains 2.5% 
    ** The Hang Seng Composite Index  .HSCI  rises 2.6% and the
benchmark Hang Seng Index  .HSI  surges 2.7%
    ** As of last close, the stock had slipped 4.4% this year
($1 = 7.7915 Hong Kong dollars)
 (Reporting by Donny Kwok; Editing by Kenneth Maxwell)
 ((donny.kwok@thomsonreuters.com))