98岁的李嘉诚，加速撤离

Core Viewpoint - Li Ka-shing's business empire is undergoing a significant withdrawal from the mainland Chinese real estate market, with a notable shift in revenue sources towards Europe and a drastic reduction in mainland operations [6][7][27]. Group 1: Real Estate Market Dynamics - Li Ka-shing's Cheung Kong Property Holdings has initiated a "clearance sale" of over 400 residential units in Guangdong, with prices dropping significantly, such as units in Huizhou selling for as low as 400,000 HKD [6][12][15]. - The revenue contribution from mainland China has shrunk to 5%, while Hong Kong accounts for only 7%, and Europe now contributes 50% of the total revenue [6][27]. - The average price per square meter for properties like Dongguan Haiyi Haoting has plummeted from 44,000 HKD to 18,000 HKD, marking a 64.8% decrease [14][16]. Group 2: Historical Context and Strategy - Li Ka-shing's entry into the mainland real estate market began in 1992 with the Beijing Oriental Plaza project, which remains one of the most profitable commercial real estate projects in the region [18]. - His strategy has historically involved acquiring land at low prices and developing over long periods to maximize value, as seen in projects like the Beijing Dongsi Huayuan, which was acquired at 1,750 HKD per square meter and is now valued at 70,000 HKD [18][19]. - The shift in market dynamics and regulatory changes since 2015 have rendered his previous strategies less effective, prompting a series of asset sales starting in 2013 [22][23]. Group 3: Ongoing Withdrawal and Future Outlook - Since 2013, Li Ka-shing has sold over 250 billion HKD worth of assets in mainland China and Hong Kong, redirecting investments towards European infrastructure [26][27]. - As of mid-2025, Cheung Kong Property Holdings reported a land reserve of approximately 622,000 square meters, with 86% located in mainland China, down from over 1 million square meters in 2013 [27][28]. - The company's net profit for the first half of 2025 was 6.302 billion HKD, a nearly 27% decline year-on-year, primarily due to significant reductions in property valuations [28].