Li Ka-shing's CK Asset Sets 2026 Per-Sqft Record with HK$362M Mid-Levels Penthouse Sale

The Quick Take

• CK Asset Holdings sold a penthouse in Hong Kong's Mid-Levels for HK$362 million (US$46.2M), setting a 2026 first-hand transaction record
• The 2,911 sq ft unit at 21 Borrett Road sold for HK$124,356 per square foot via public tender, a price-per-foot record for 2026
• The deal signals resilience in Hong Kong's ultra-luxury property segment despite ongoing macro challenges in the broader market

Hong Kong billionaire Li Ka-shing's flagship property developer CK Asset Holdings sold a penthouse mansion at the luxury development 21 Borrett Road in Mid-Levels for HK$362 million (US$46.2 million), setting a per-square-foot price record for first-hand residential transactions in Hong Kong in 2026. The 2,911 square foot unit on the 20th floor of the second phase achieved HK$124,356 per square foot via public tender—a pricing level that demonstrates continued demand from ultra-high-net-worth buyers for trophy residential assets in Hong Kong's most prestigious central districts despite the broader property market's challenges.

CK Asset Holdings is one of Hong Kong's most prominent listed property developers, and deal outcomes at its flagship luxury developments are closely watched as indicators of both buyer confidence and developer pricing power at the top end of the market. The fact that this sale was conducted via public tender—rather than a fixed-price private sale—suggests CK Asset was confident enough in demand to test price discovery through competitive bidding, and the outcome validated that confidence. For Hong Kong's broader property market, the ultra-luxury segment has shown more resilience than the mass-market residential tier, where prices have faced pressure from higher interest rates and population outflows.

Looking ahead, the 21 Borrett Road transaction is bullish for CK Asset's near-term revenue recognition and suggests the developer will continue pressing price discovery in subsequent phases of the project. Investors in CK Asset (HKEx: 1113) should watch for further transactions at the project that confirm or challenge whether the HK$124,356 psf level is sustainable or represents a peak for the current cycle. The broader macro determinant is Hong Kong's interest rate trajectory: as a currency pegged to the USD, Hong Kong's rates move with the Federal Reserve's decisions. The Iran deal's expected dovish shift in Fed policy is therefore indirectly positive for Hong Kong property by potentially reducing the mortgage rate burden on even ultra-luxury buyers.

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