CK Asset (1113) filed lawsuits against at least eight buyers who defaulted on their purchases at two developments for around HK$17.65 million amid the recovery of the property market, according to local media.
Involving El Futuro in Sha Tin and #LYOS in Yuen Long, the developer sought to recover resale losses on these new projects, among which three El Futuro defendants have been declared bankrupt for failing to clear their payments, the report said.
The five El Futuro buyers’ purchasing prices ranged from nearly HK$12.89 million to HK$27.6 million, while the three #LYOS buyers cost about HK$4.45 million to HK$7.33 million.
The value of eight flats totaled over HK$120 million, and their homebuyers' forfeited deposits amounted to HK$8.61 million.
In 2024, CK Asset initiated legal proceedings against five buyers of the El Futuro development, with claims per case ranging from HK$590,000 to HK$7.4 million. From April of this year, the company also targeted three buyers of the #LYOS project for amounts between HK$550,000 and HK$1.4 million.
Notably, the three El Futuro defendants who were subsequently declared bankrupt by the court represented the largest alleged shortfalls, amounting to HK$2.16 million, HK$2.72 million, and HK$7.4 million respectively.
