Hong Kong Crisis Deals $7.7 Billion Blow to Property Tycoons

Hong Kong Crisis Deals $7.7 Billion Blow to Property Tycoons

Bloomberg·2020-08-10 00:01

Photographer: Paul Yeung/Bloomberg

Photographer: Paul Yeung/Bloomberg

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 the biggest landlord in the Central district said its vacancy raterose to 5% at the end of June from 2.9% in December.

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Property Business Hong Kong Finance International

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Tsy 05/09/2020

Hong Kong crisis deals

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