November 23, Cheung Kong Holdings Ltd. (0001.HK), controlled by Hong Kong’s richest man Li Ka-shing, plans to unveil 2 high-end residential property projects worth a combined RMB 10 billion ($1.6 billion) in South China’s Guangzhou in early 2012, the developer announced at a project presentation in the city on Tuesday.
The announcement marks Cheung Kong’s first entry into Guangzhou’s residential property market, despite poor market conditions that have seen prices in China’s first-tier cities, which also include Shanghai and Beijing, begin to decline.
Hutchison Whampoa Ltd. (0013.HK), which is also owned by Li Ka-shing and has 97% of its property portfolio in mainland cities, also invested in the 2 projects, Liu said without elaborating.
Cheung Kong has been mainly focusing on the Hong Kong real estate market in recent years, while Hutchison Whampoa targets mainland cities. But that is about to change as the former is getting more ambitious about growth over the border.
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