介绍:
Cheung Kong Property has wrapped up its first day of trading on the Hong Kong Stock Exchange, gaining over 4-Hong Kong Dollars in value after opening trading at 70 Hong Kong dollars.
This marks the completion of Chinese billionaire Li Ka-shing's reorganization of his corporate empire.
CRI's Hong Kong correspondent Li Jing has more.
As Hong Kong's richest man, Li Ka-shing began reshaping his business empire in January when he merged his two flagship companies into CK Hutchison and spun off their property assets to shareholders.
The debut of his new company on the Hong Kong Stock Exchange marks the completion of the group's largest restructuring since 1997.
60 per cent of his company's net assets are from Hong Kong's property sector.
Li Ka-shing says he has a lot of confidence in local market, which is one of the most expensive in the world.
"It is difficult for the current property prices to fall because the construction costs and labor costs are on the rise. If you buy a flat for self-use not for speculation, you can afford it through installment payment."
But at the same time, Li Ka-shing is also warning that Hong Kong's economy could be threatened if the government's constitutional reform package is vetoed by lawmakers.
"Retail sales and hospitality businesses in Hong Kong are already suffering, we are relying on the mainland's support in many aspects now, and in the future as well. So whether the political reform can be passed or not, is not merely a political issue, it also affects people's livelihood."
Latest data shows total retail sales volumes in Hong Kong dipped 2.2 percent in April.
Rental rates have also dropped anywhere from 10 to 30 percent in the Causeway Bay area this year, which is one of the busiest shopping areas in the city.
For CRI, this is Li Jing in Hong Kong.
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