Victor Li brushes off short-seller report

Business | Stella Zhai and Kelvin Xu 17 May 2019

The chairman of CK Hutchison (0001), Victor Li Tzar-kuoi, says the company has seen the impact of Brexit on its business, but the telecommunications sector is not affected and the infrastructure and port businesses still perform well.

Commenting on GMT Research's short-selling report, Li said the financial statements in its annual report must be professional and correct, reviewed by professional auditors and banks, and there is no chance to hide any debt.

"People should read more books to understand our financial report," he said.

Li added that he had confidence in the telecoms market.

In response to shareholders' complaints about small dividends, Li said he also wished there were more dividends as a shareholder, but it was more important to maintain a robust financial position in the long run.

Justin Chiu Kwok-hung, executive director of CK Asset (1113), said the company should be careful about local property prices and work according to its capacity.

Chiu said he supports the Real Estate Developers Association's proposal that small flats below 1,076 square feet should not be sold by tender.

Meanwhile, HKR International (0480) released the first price list of 57 units at Poggibonsi in Discovery Bay, with the cheapest 350-sq-ft unit priced at HK$5.2 million, or HK$14,857 per sq ft, after discount. The developer said the first batch would go on sale next Tuesday on a first-come-first-served basis, and all the units had saleable areas of less than 1,076 sq ft. The Real Estate Developers Association proposed in a new guideline recently that flats of less than 1,076 sq ft cannot be sold by tender.The 57 units range in size from 350 sq ft to 1,019 sq ft and are priced between HK$13,404 per sq ft and HK$19,766 per sq ft. The average square-foot price after discount is HK$16,028.

Poggibonsi has sold 45 units through tenders at an average price of HK$16,055 per square foot since March, with a turnover of about HK$565 million.

Tax did not affect buyers' consideration when 13 three-bedroom units at Nan Fung's Lohas Park LP6 in Tseung Kwan O were sold to businessmen from Taiwan at HK$193 million. The buyers' identities have now been revealed.

In other news, Wing Tai Properties (0369) and Manhattan's La Vetta in Kau To Shan has sold four units through tenders since May, with a turnover of about HK$220 million.

Recently, a three-bedroom unit with a salable area of 1,614 sq ft was sold at HK$41.96 million, or HK$26,000 per sq ft.

In secondary transactions, a three-room apartment at Ocean Shores in Tseung Kwan O changed hands for HK$12.5 million, more than 6 percent higher than the asking price three months ago.

A 406-sq-ft flat in Tsuen Wan Centre was sold for HK$4.78 million only one hour after launch.

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