Cracks in China’s debt-ridden economy
By Paul Lin 林保華
Taipei Times 2023.8.21
On Aug. 3, CK Asset Holdings Ltd, the property flagship of Hong Kong’s richest man, Li Ka-shing (李嘉誠), launched presales at 15 percent less than the market price for uncompleted condominiums in the Yau Tong area that were part of its project dubbed the Coast Line II. It caused a shock in the market and people wanted to know what was happening.
At that time, rumors spread that some Chinese real-estate companies might go bankrupt, but the Chinese government downplayed this as a sales tactic. It turned out that Country Garden Holdings Co, another giant Chinese real-estate developer, was in trouble. This shows how sharp Li’s business sense is.