Mid-Levels flat fetches $176m

Luxury homes continue to sell in Hong Kong, despite the economic uncertainty.

A 2,193-square-foot four-bedroom unit with two ensuites and two parking lots was sold via tender at 21 Borrett Road in Mid-Levels yesterday, with developer CK Asset (1113) collecting HK$176.8 million.

In the primary market, Sino Land's (0083) One Central Place is expected to be launched before the end of the year, offering 121 units in Central.

Separately, CK Hutchison (0001) bought back 211,500 shares for HK$10.6 million yesterday, marking the 54th repurchases of the group since March this year with a total of 21.37 million shares costing HK$1.2 billion. This came as Goldman Sachs took out CK Hutchison from its Conviction Buy list and slashed the target price to HK$79 from HK$84. The lack of commitment on further buybacks by the conglomerate and fewer opportunities of value-unlocking steered to the decision, it said.

KAREN NG