长江实业打折卖楼拖累业绩

Core Viewpoint - The Cheung Kong Group and its subsidiary, CK Asset Holdings, are facing scrutiny due to their strategy of aggressively discounting properties, which has led to increased sales but significant losses in company performance [2][5]. Financial Performance - For the first half of the year, CK Asset reported revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [2]. - Shareholder profit was HKD 6.302 billion, a substantial decline of nearly 27%, primarily due to a significant reduction in the valuation of investment properties [2]. Property Sales - The company confirmed property sales revenue of HKD 7.366 billion, a year-on-year increase of nearly 59% [5]. - Mainland property sales accounted for about 52% of total sales, generating HKD 3.83 billion, which represents a year-on-year growth of approximately 117% [5]. - However, the sales revenue from the business segment showed a decline of about 3%, with Hong Kong sales revenue plummeting over 92% to approximately HKD 74 million [5]. Discounting Strategy - Since 2024, CK Asset has frequently discounted various projects in Hong Kong, with the Blue Coast project selling at HKD 21,900 per square foot, which is 30% lower than the surrounding second-hand property prices and 22% below the cost price [5]. - Other projects in Hong Kong, such as the LYOS project and the Tuen Mun project, have also seen varying degrees of discounts [5]. Future Outlook - The low-interest environment in Hong Kong has led to a rebound in transaction volumes, particularly for smaller units, but overall property prices lack upward momentum due to high supply [6]. - The company plans to maintain a flexible pricing strategy to reduce inventory, although the discounting approach will continue to impact performance [6]. - The land reserve is at a relatively low level, with approximately 67 million square feet of developable land, including 6 million square feet in Hong Kong, 58 million square feet in mainland China, and 3 million square feet overseas [6].