长江实业打折卖楼拖累业绩

Core Viewpoint - The article discusses the financial performance of Cheung Kong Group and its subsidiary, CK Asset Holdings, highlighting the impact of aggressive discounting strategies on property sales and overall profitability [3]. Financial Performance - In the first half of the year, CK Asset Holdings reported revenue of approximately HKD 25.386 billion, a year-on-year increase of 15.3% [3]. - Shareholder profit was HKD 6.302 billion, a significant decline of nearly 27%, primarily due to a substantial reduction in the valuation of investment properties [3]. 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, achieving HKD 3.83 billion, a year-on-year growth of approximately 117% [5]. - However, the sales revenue from the Hong Kong region dropped significantly, with only HKD 74 million realized, a decrease of over 92% [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]. - Similar discounting strategies were observed in mainland projects, such as the discounted pricing for high-end properties in Beijing and Dongguan [5]. Future Outlook - The company anticipates that the profitability from property development will not be significant in the coming years, as stated by the financial management team [6][7]. - As of June, CK Asset's land reserves were at a relatively low level, with approximately 67 million square feet available for development, distributed across Hong Kong, mainland China, and overseas [7].