CK Assets Continues to Diversify Away From Hong Kong Real Estate
CK Asset Holdings, or CK Asset, has officially announced that it has sold its interest in The Center, a grade A office tower in Hong Kong, for HKD 40.2 billion. The buyer is a consortium led by China Energy Reserve & Chemicals Group. The gain on disposal is expected to be HKD 14.5 billion, based on the current carrying value of the asset and the expected transaction cost. The disposal was accretive, as the transaction price was 73% above book value. We have adjusted our model to reflect the ...
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